Ann: Mt Stirling Viserion Delivers High-Grade Gold Results, page-151

It comes down to uncertainty. PMs may rise in the immediate term, but oil and other inputs are also increasing, which eventually feed into inflation.

Is not one factor at the moment but rather numerous ones. Even if nothing eventuates from Russia and Ukraine (which is unlikely as Putin has a once (and final) in a lifetime opportunity here), higher oil, supply constraints and the flow on effects are not going away anytime soon.

Plus as Bails notes, there's Basil, currency strategies, etc.

The world (especially the west) is not in good shape. Not much us plebs can do except position ourselves as investors.