GOLD WILL GO DOWNThere is no question, gold will go down substantially in price. This will happen AFTER we have a wave of hyperinflation and watch fiat curreny come closer to its intrinsic value, which is zero.
The pieces are in place and nobody or government can stop it. The US dollar is currently the world's reserve currency so let us deal with that. The official deficeit this fiscal year will be approximately four trillion, or more than four times the uncrontrolled deficeit of last year. This does not count the hidden debt by the fed who is printing money at a record rate.
The US has not even passed the infrastructure program that will alone cost another 2--3 trillion next fiscal year. Soon the US and the rest of the world will have their debt grade lowered, since there is no way to pay it back. Ountries will find it nearly impossible to sell their debt without raising interest rates which is a death bell in itself. People will scramble for solid assets such as gold and farm land and some properties.
Eventually, maybe three or four years from now, governments will re-fix their currency. Then we will switch from a hyper inflationary depression to a deflationary depression. Then the buying power of gold will start dropping as we put our faith again in governments ability to manage the economic system. Over time this will happen again, politicians get reelected by promising people things.
The virus was the catalyst, not the cause of the coming financial collapse. If not the virus it could have been the unfunded pension plans, unfunded medicare, unfunded social security, the bankrupt states like illinois, a major earthquake in california, an emp attack - man made or natural, a war, prolonged zero interest rates, etc. It was just a matter of time. Our black swan was the Wuhan Virus.
The whole world will go through this.