Investment banks, Pension funds, and Hedge funds
Institutional investors such as these make up in the neighborhood of 60 to 70% of traders among the masses that employ the use of algorithms. The remaining field of investors that make up the better part of 30+ percent of the masses not locked into algorithmic programming appear to be on the move among the next wave of early in investors into gold.
Finally it would appear the trickle down effect into gold buying is beginning to take hold picking up the pace some with those particular investors outside of the mainstream of automation.
A large sement of investors at that too - now beginning to lose confidence in the Fed's ability to restrain inflation with interest rate hikes.
Notice how gold is now rising as bond prices are falling. Gold has been positively correlated with bonds and now with this reversal, a significant change in sentiment among investors is developing. The algo's don't even need to be re-programed for the next wave of buyers into gold. Those that make up a third of the investing world about to catch the wave, will ultimately explode the price of gold upwards - forcing the algo crowd to abandon their beloved algorithms or re-program them cancelling out the current gold bias.
Sky's the limit for the crowding into gold ownership from here. And the Fed hasn't even lost all control in the inflation wheelhouse as of yet, but are most definately headed there.