Why is gold a safe-haven to begin with? What makes gold have a price? The mining cost is irrelevant to the extreme valuation of this asset.
Gold has no intrinsic value. The price is what people believe it should have. I remember a no-coiner proclaiming a few months ago that Bitcoin has no intrinsic value.
This statement is not true as it does have a huge production cost which in turn supports the security of the network. In my opinion it is gold that is not a store of value anymore.
Bitcoin's value is largely decided by trust. Same goes for gold.
It has a history that goes back thousands of years. A fistful of gold in 300 BC still buys plenty of stuff thousands of years later. That's pretty compelling to many people.
Gold's actual qualities have settled its fate too. It's relatively common, but not too common. It can be shaped and reformed easily. The colour turns us on. It does have some actual usage, though that only contributes to a fraction of its value.
Personally I have less than zero interest in gold but I doubt it's going anywhere in our lifetimes.
Trust? I thought the system was trustless.
The history of gold ended with the advance of technology. Gold is nothing but history and in the next one hundred years it will keep losing value. This was it's tip. It is overpriced manipulated and useless asset.