Ann: German Gold Show Conference Presentation, page-35

https://thebull.com.au/is-golds-bull-run-just-starting/

Conclusion:
The bottom line is the recent gold buying is only starting. Gold’s young upleg has so far mostly been fueled by stage-one gold-futures short covering, which still isn’t finished. The great majority of bigger stage-two gold-futures long buying is still coming. That will eventually drive gold high enough for long enough to convince investors to return with their vast stage-three buying, growing this gold upleg into the big leagues.And it should prove a monster with inflation raging out of control in its first super-spike since the 1970s, which will supercharge gold investment demand again. During times of serious currency debasement, all investors need sizable gold portfolio allocations. That will require massive buying starting from virtually nothing. The gold miners’ stocks will amplify gold’s resulting gains like usual, earning fortunes for traders.