You are right and many bankers and analysts (perhaps invested in...

You are right and many bankers and analysts (perhaps invested in mining...?!) see gold between 3'500 - 4'500 in the future. A "vision" that does not date from today, Warren Buffet himself bet a lot on gold in August 2020, unfortunately without much success !

The problem is maybe that the gold market no longer reacts to fundamentals (inflation-instability-wars) and that physical supply and demand now only represents a small part of the gold market.

Today, it is the sorcerer's apprentices of the funds managing tens of billions and their algorithms who make the market with calls and puts according to their mood of the day !

Let's hope that one day, gold will resume its place as a safe haven and that the predictions of seeing it between 3,500 and 4,500 will come true, to the delight of shareholders of gold mines that still exist and are profitable.