Gold vol this year surpassed US equity vol

Gold vol (orange) this year surpassed US equity vol (white)...really makes you think about hedging assets in a new light doesnt it? It shows gold has also become a manifestation of speculative risk-on, think the recent retail buying binge, which can be prone to sudden pull back. I still think the other drivers are intact, fiscal worries, debasement, and central bank reserve diversification.