'This is looking tricky, if you're a goldbug.'
Really ?
I doubt those 'Bugs' who swapped their USD for plain old gold bars towards the beginning of your chart at about USD1450 would be too fazed yet.
About a 34% increase on plain old 'bars' in USD terms on their decision to date without even considering or looking at various leveraged return outcomes.
Would have been a good move as it turns out.