Vandal and others may only answer partially. Good to phenomenal question, but the answer is nearly impossible for regular people to answer not to mention is a long to super-long answer.
It has to do squarely with the reserve status. If any one thing threatening big time the US then this is it the hanging dagger of losing reserve status
The Gold vs dollar mystery is at the core. Gold is the only real dethroning threat. It is then no wonder that a lot of manipulation effort goes into it. Even so, as Vandal pointed, Gold still outperformed SPY ... AND the rest of the market. Not on a minute by minute but by overall.
This is a thing I was always asking myself how can be.
Then one day I took few memorable inflation incidents and compared them to one another, then the US dollar story.
Then it became clear the why.
But the how and when (mechanics of collapse) I can not answer as I don't have access to the data to work with. Also my education is not that high in this regard but I think I can manage decently which is fine by me, not need to be precise.
As a pointer in right direction for anyone interested:
I came up with one good story/example. I had to make it very simple to see the trees.
Few islands, with own dollar system, each with 100 people, and 100 dollars, 1 apple costs 1 apple-dollar, each had production of 100 fruits. The island nr1 that made apples printed 100 more of their apple-dollars. By nature the cost of apples will double, They can not use that printed apple-dollars and expect other island to give them entire production of say oranges for mere papers, UNLESS they can buy back the entire production of apples.
So essentially the value of the float of apple-dollars will have no choice but be correlated to production of apples.
Only two things can happen. The apple-island makes more apples therefore CAN have more apple-dollars, OR, fools the orange-island into believing that the (naked short) paper apple-dollars WILL be accepted bu other islands, so even though you can NOT buy 100 apples from us (because our dollars are phony BS), but you CAN buy other fruits from other islands, so there, there IS value in our apple-dollars.
Production did not rise (in fact diminished severely). If the other "islands" (countries) start refusing holding USD , then the apple-island will have no alternative but live withing their means of production of 100 apples or whatever.
Gold in this story is a spectacular BOTH -> a "fruit" itself, AND a means of exchange (dollar).
So the apple-island prints apple-dollars and uses part of that to sell fictitious oranges (gold) as to mask the scheme. As nothing is perfect, islands come to collect oranges (gold) so by dragging and kicking the price of oranges are going up.
At some golden point it will be a stampede of both -> orange claimers (with orange contracts in their hands) , and apple-dollars sellers to get different fruit-dollars.
The apple-island will have no saving alternative to go to.
So far there have been no country (fruit-island) in history engaged in fruit-dollar printing and living a high life on backs of other fruit-islands.
USA is the first and very likely the last too.
This continues, but this is sufficient to picture the situation.
Data needed will be something like real-time dollar deposits per country.
Real time merchandises exports per country.
How much dollars (and credits) in circulation in USA (and per each of other countries).
Real time goods and services per country.
And yes, similar for other countries, or at least the important ones (i.e. japan, China, Germany, Saudi(because Oil) and so on).
This all needs to be mapped, charted, then the picture will be pretty clear.
I am pretty sure the high positioned people do have something like this to watch out for... and dance this USD musical chairs situation.
We the people will be the very very VERY last ones to know.
