The gold market is not behaving as a natural market. There are several relationships, demonstrated by charts in this article, that show extreme imbalances.
https://sprott.com/media/258481/7-2013-MAAG.pdf

Dollars Distort Our Understanding of Wealth
Most investors measure wealth in dollars — but what if the ruler itself is shrinking? Since 2000, the S&P 500 is up nearly 5x in dollar terms, yet priced in

