Let's make the gold story simple - High uncertainty

We can make the gold story simple; there is high uncertainty. The world policy uncertainty is at extremes. The world uncertainty index is at extremes. The world trade uncertainty is at extremes. If there were a bubble measure of uncertainty, we would be in that bubble. The exponential growth is clear.

If you had a choice of assets, the safe asset associated with government debt that may be affected by world policy, and trade uncertainty, or a hard asset that should have an independent or intrinsic value that is not related to debt policy, overall uncertainty, and trade, you will likely choose the hard asset. While debt continues to grow, the supply of gold can only increase through more mining, which takes time to expand. 

An inelastic supply in the face of a strong demand shock will lead to higher prices. Cut the uncertainty, and gold demand will decline. However, uncertainty requires policy clarity, which is in short supply.