We all know that you are a very short term trader colinchi and...

We all know that you are a very short term trader colinchi and you may well be correct about a near term fallback in the POG. There has been a rapid rise lately coupled with negativity in relation to US/China trade and the COVID situation. Volatility on the share markets has been more pronounced in recent months and investor opinions are fragile as well as all over the place.
Eric Sprott has been raising awareness that a near term pullback on gold is a distinct possibility but he still views the medium-long term as strongly up, as do many other commentators with credibility such as Goldman Sachs, JP Morgan, Credit Suisse and others (***** is a useful source).
Any near term fallback of a decent amount is a buying opportunity to me. If it coincides with another steep drop in ordinaries, as I am expecting at some stage, then gold will probably go down substantially and so I consider it wise to keep a decent amount of cash in reserve so that I can buy in near to a low point. As we learned in March, corrections can be rapid and steep and with a high level of investment one is likely to be caught without the opportunity as a retail investor to get out quickly enough.
I will keep holding some WAF and other decent goldies because I subscribe to the view that currencies will continue to be devalued with close to zero interest rates and copious amounts of liquidity flooding economies so that inflation takes off after a bit. All good for gold as an investment and once the hoi polloi around the world thinks this way, then stand back and let it rip.
There has been a small fallback in the Gold Ords Index today but this is in line with the POG easing just a little. However, stocks that have moved up up strongly over the past 2 months have been affected more than the index. So, the froth on the gold market is starting to evaporate.