Don't forget that Gold was valued at it's cost of production for almost 10 years.
Right now gold is 5 times it's cost of production.
How could this be? What will it cost me to mine an oz of gold? $300? no. 100oz? $30000? No. 100000oz? Why wouldn't someone be taking this free money if it was there? Maybe you don't consider buying the mine part of the cost?
$300 per oz cost of production was for year 2000 and gold was trading at close to that. The production cost of gold is higher now $450.
I was going off of memory for production costs and just looked it up and saw it has gone up. So gold is 3 times production cost not 5. And yes that includes all costs