The only reason he gave that is even real is that real interest rates are rising. “Gov’ts with debt issues are selling gold”; not sure where he’s going with that one, I always thought that whoever ends up with the most gold wins.
The price of paper gold may be pushed down, but there is now a disconnect between that and physical gold.
If governments are selling gold, it is long-term bullish gold because it means they aren’t willing to engage in real fiscal reforms.