except for extremely remote markets all prices come back to USD its not that those USD prices of euros or whatever don't change of course but that remembering they are USD prices is important. so if its USD/EUR or JPY/GBP or Gold/Bitcoin or whatever and that proportion changes in favor of gold (all fractions are proportions) its because *the underlying US dollars preferred gold over Bitcoin for some reason* the same for JPY/GBP or whatever you like. its a simple thing with profound implications.