RMS relative valuation update, page-32

I'm no expert but perhaps if I saw a few, reasonably well accepted , things on this subject it might elicit wise words from others .

Gold is used as a commodity , a store of wealth , a currency and a safe haven .
The first is not the most important but it does get used in electronics etc.
With the second I'm talking mainly about governments gold reserves to back their currencies .As we all know China is accumulating HEAPS at present .
Not so much the third but possible this might increase (defacto) if paper currencies became too mired in debt and their buying power declined .
The other great safe haven is the US$ .I believe in the past the US have intervened (corrupted) the gold market to inhibit the price in order to protect their currency .

So despite China keeping their large local production inside China and buying stacks more I find I can't have too much faith in the GP because in the past there has been evidence of the gold market being influenced by more than fundamentals of supply and demand .
(As I understand it ) however there is little incentive for a low GP , just not too high .(US etc all with big gold holdings .)
Lots of worrying things in the world at present and potential increased safe haven value in gold ....perhaps limited at some point if percieved to hurt US$ .

So , I preferr my investment in gold to be in the form of a company that makes something and sells it .Certainly still impacted a lot by GP but if GP falls a bit they still make profit .
And if there is a rise in the GP they are geared to it and I believe at present (medium term ) rise more likely than fall .