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Well there are other global factors, but that's one of them.

Almost entirely this. There's other factors, but this is real value catching up. All currencies heavily devalued themselves in the scamdemic. If every major currency devalued itself 50% at the same time the exchange stays the same.

Real Estate is a more liquid real asset so it saw the faster shift in value recovery. Gold is still down compared to real estate in most major cities globally.