Is it a deflation world or a money printing world? That seems to be the real issue/problem. Some days it seems like a deflation world, some days money printing. Perhaps that is a part of the recent volatility.
In a deflation world, currency goes up. In a money printing world, gold and commodities go up.
Truth is, it’s a deflation world. But central banks don’t want deflation worlds, and perhaps rightly so. So they “print money” in either a real or perceived way. (The difference between real and perceived matters, but I’m not the one to explain it. If you don’t already read PragCap, do so. It discusses this point and many others.)
It seems distinctly possible to trade the deflation/money printing volatility if you know what it is. Many people now know what it is, but it’s not yet to the point of common knowledge/a thing of the past.