Well don Skol. Property offers something people need - shelter. People don't need a piece of yellow metal. Hence house prices have appreciated at a greater rate than gold.
Gold has CAGR of a touch over 4% since 1929. Just keeping its price marginally above inflation, which is what it should be. Miners are subject to inflation on their input costs, assuming there is some latent demand for gold they need to keep discovering and digging. To keep the doors open and make a reasonable but small profit price needs to refelect inflation.
There isn't the demand to push gold significantly higher than its long term mean. When momentum takes it sharply higher it will regress back to that 4% line.
