Evolution. Events and theories changes to fit in with the present.
There has never been a cycle with so much cheap debt (decade), QE and low IR. Everyone is yield chasing so probably holding gold cost a lot less this decade. There has also never been so many events (financial, geopolitics) converging.
Trade war
FX manipulation by all sovereigns
Yield chasing exposed to risk assets (Equities)
Zero IR
-ve bond yields
Brexit
HK ugly protests
Japan-S Korea trade war
Iran
Argentina
These are some of the major events that comes to mind all converging together. In fact gold should be higher with all the risks and flight to safety.