RE:Meanwhile, the POG just popped above the 1Q average...I think we are in a situation of psuedo gold peg. Certain countries either dont want the price of gold to rise or are not yet reay for the price to rise. I think it will take a geo-political move to bust thru $1,400 by a country who wants out. All the fundamentals are there for a huge run. Look at the London Gold Pool as a previous example (look up on google). You should think of the COMEX as one huge naked short on Gold and silver surpressing gold and silver prices for decades. Aside from a particular country not playing ball, miners could start trading to crypto backed by physical gold like Tradewinds or pricing according to Shanghai Gold Exchange. Either of those are very possible but the reality is probably more medium term in duration to become reality. Unless Tradewinds really takes off.
China and Russia are moving all the physical to the east. They see the arb opportunity and what real money is. If you look at inflation compounding over the last 40 years the gold price should be 5x to 10x higher. Russia and China want to be out from under the US Swift system thumb and gold is undervalued due to LBMA and COMEX trading. A financial analyst recently said in a podcast that the Bitcoin explosion is what gold would have done in price action long ago if it wasnt for the paper derivative market. Just look at what happened to Bitcoin once the CME and others got involved.
I think China's petro yuan could be the catalyst that breaks the demand for dollars in the long run. China is the largest consumer of oil and everyone will eventually price oil in yuan to sell to the largest consumer of in the world. That slowing demand for dollars is going put pressure on the dollar price. Lower dollar equals higher gold. Watch for the uptake of countries that will convert to doing business with China in yuan. That includes Saudi Arabia. You have to appease your largest customer. Keep in mind that Russia, Iran and Angola are in the top 5 selling to China and they will all transact in Yuan. Many of the petro dollars floating around in international markets will not be needed anymore. I expect this to be a slowly growing phenomena and then it will be all at once.