China is making so many moves right now, to set themselves up as a viable alternative to the the USD... they're doing some pretty serious amounts of gold hording (yes literally), and also seem to be setting up a rather extensive and robust system that would facilitate actual physical gold clearing...

The US on the other hand is also ... there are at least rumors of basically gold backed 50 year bonds.

https://talkmarkets.com/article/the-united-states-and-the-50-year-gold-bond-that-could-rewrite-the-rules-of-global-finance-1782459667

... and Europe is at the very least basically pulling all their gold that is physically held in the US, back to their countries, repatriating it.

The fundamental structure and paradigm of the PetroDollar/Euro/Yen is now... basically breaking up, and at least right now, in the uncertain interim... it looks like everybody is taking inventory of their gold, and trying to figure out how to reposition their currency/bond/trade systems around being more directly backed by gold.

How this will actually shake out... what the new equilibrium will be... multipolar world, or new global hegemon... or something in between and more complicated... basically impossible to say, but things are changing dramatically.