In a world where "every" asset class is expensive Gold seems to be over looked (as are most Commods) as an asset which hasn't been inflated by QE similar to RE, Equities, Bonds, Art, Wine, Cars etc...
I get that China isn't likely to grow the same going forward, hence base metals are not going to see the same growth as previous cycle, but the low level of capital spending in the commodity area (perhaps with exception of oil) means we will eventually experience a pinch point.
I am recalling 1996-2000 when no one wanted hard assets, it was a new era for tech, flow through Lp's ceased to exist etc. Feels a bit similar today....