Not talking about the history lets take a look on recent activities on GOLD.

SaudiArab found a huge GOLD MINE, CHINA found Huge GOLD mine.

how do you sees it i don't know but for me its same as terra luna, hidden supply, new supply whatever you want name it call it. but this massive mines can turned into drastic breakdown in the gold demand.

WHY US is after Bitcoin the reason is simple limited supply.