I suspect not many people are going to be buying nice suits (or Colt Single Action revolvers, the other yardstick) if gold actually goes to &8000.
It's sad, prices are skyrocketing making it tough to buy stuff, and we have a jerk president who says the economy is booming and there is no inflation. Food costs are jumping like crazy, people can barely afford housing, and taxes are going up. You're right, people aren't able to buy nice things, and it's getting worse. Over four decades ago I was buying 24 cent burgers, 17 cent french fries, and 19 cent milk shakes. And it was affordable on minimum wages. We're approaching $10 burgers. If gold goes to $8000, then what will a burger cost you? Nothing, because you won't be able to afford it.