In theory the price of gold should be in the stratosphere right...

In theory the price of gold should be in the stratosphere right now based on the QE that has taken place not just this year but also previous easing including the GFC and before that.

But Uncle Sam has wired up a world financial system in such a way that the U.S. dollar would always be worth more than a lot of major currencies in the currency market, no matter how much they print, and the POG will always be kept, via derivatives, from rising too high. Gold price is like metal filing on the table, and the derivatives are like the magnet under the table. They move the gold futures and that moves that POG. They've been doing this for long enough now.

On the surface the U.S. and China are squabbling over trade imbalances, human rights, and whatever else they say, but really under the hood the U.S. and China relationship only started it's downward spiral since Xi started wanting to shift away from using the U.S. dollar for international trades, around 2015. And since the U.S. can't just get rid of Xi like they did to Gaddafi (who they got rid of after he wanted gold backed dinar - instead of U.S. dollars - for his oil) it seems cold war is the best strategy to put a lid on Xi.

Anyone wanting to dethrone the USD (strip it's status of being the world's reserved currency) is tired of living and asking for trouble.