Looking at the gold chart over an extended time frame, the first...

Looking at the gold chart over an extended time frame, the first thing that strikes one is the extraordinary change in the POG from 2019 lows of US$1200 (A$1800) to current levels - wow - that more than anything shows the underlying inflation and the rejection of fiat currencies.
Note this rise in the POG was paralleled by other hard asset inflation such as all-time high RE values resulting in much misery and uncertainty as rents and mortgage become unbearable etc.

The A$POG chart shows the "flight to safety" (created by another terrible war) is creating new gold price highs (A$ and other non-US currencies)
- note the highs "pre-COVID", and the subsequent retrace in 2021 to the "pre-COVID" highs, which established the underlying uptrend .... just when the uptrend retrace was testing the 2020 COVID highs, along comes another crisis, which causes a dramatic rebound towards new highs, and confirming the longer term uptrend .... this despite a strong US$ and attractive US$ interest rates in so called uber safe US treasuries.

The strength in gold purchases is underpinned by Central Bank buying to support their own currencies .... instead of buying proxy US$ assets.
This upsurge in the POG will find a new plateau, and will not go to the moon in the short term IMHO, so keep your targets modest, to stay sane.

It remains to be seen how much longer the ponzi IOUSA stock market can defy gravity.
Next week should be exciting for RED SH's, but full valuation won't come without M&A, and that's not imminent IMHO