I have a simpler explanation. Gold has gone up 5x in a few years. Although the Fed has printed a lot of money in the same time, they haven’t nearly quintupled the number of dollars in circulation. Hence, fundamentally, gold may not “worth” five times as much as it was.
The Feds can push their paper money onto the banks, but the banks just sit on it EARNING interest from the feds. It is crazy. The Feds haven’t figured out a good way to get the fiat money to the masses - yet. The PPT does a good job but it only goes so far.
Except that gold was probably undervalued in the first place, plus, gold prices are often reactionary (to market expectations) and that can cause a lag time in price fluctuations, especially upswings.
>> “ in the same time, they haven’t nearly quintupled the number of dollars in circulation.” <<
.
Really?
I think that you’re mistaken on that. Lots of the dollars in circulation were not “printed,” they were loaned into existence by China and Japan buying our worthless debt.