Chart - TA, page-3230

And as for "cranking the machines up"
Gold is becoming more and more costly to extract, so the evidence actually goes against that argument.

https://www.usmoneyreserve.com/news/executive-insights/what-is-peak-gold/

"The “easy, cheap gold” was out of the ground long ago. Only 20 years ago, the cost of mining an ounce of gold was less than $200. Today, it’s more than $700 and rising rapidly. The cost of mining determines which gold is considered “extractable”—so even if a new deposit is discovered, the location, geopolitical risk, and overall difficulty of mining may make the gold too costly to mine, which in turn may drive down overall gold production, despite the rate of discovery."