The rest... is that coming out of the GFC in 2008... the risk they faced was the market awareness that they didn't have the gold they said they did...
They don't care about the fraud in the market aspect of that...
But, they do care about counter-party risk between banks... and having gold derivatives posing as "assets" on banks balance sheets was deemed a risk... that might drive a black swan event. So, the BIS directed that they had to "fix" the problem with gold derivatives trading... generating black holes in balance sheets. Most people unaware... but, the entire mass in QE appears related to that issue... The QE filled holes in the balance sheets... while waivers against practices of fraud in commodities trading were granted to allow the banks to "trade their way out of" the black hole. That trade in 2011 drove gold to an artificial high... so they could short it back down... and then use the trade accumulate physical as the price was suppressed into the bottom of the cup in the cup and handle that trade forces into existence. That was supposed to take a year, or two... but was extended into ten... because... why not ? That it was done by allowing fraud... not an issue the banks care about.... expecting their frauds will be tolerated... and that "systemically important" matters more than "low life scum sucking bastard fraudsters" to the politicians they've put in place...
And, now... they think they've removed the problem... not "entirely from the trade" by removing the fraud in the mass of paper that exists... but from "balance sheet exposure" by removing related derivatives from the category of assets... and replacing them on bank balance sheets with "actually held physical"... which is now once again rated a tier one asset... ie, along with U.S. Treasuries it is deemed "risk free" value... or, literally... "as good as gold"...
But, that's NOT true of "the gold in trade"... which continues to be... "not good as gold" but only "as good as the paper promises"...
So, gold on the balance sheet now acts as a "fail safe"... because if we repeat the events of 2008... all they have to do is devalue the fiat... without saying that's what they're doing just as in the past... so, instead, what you will get is... a sudden sharp rise in the gold price... so it is "gold is going up"... and not "the currency is failing and being devalued"... ?
But, that being done... is not a reason to end the suppression trade... as long as continuing the fraud will allow them to continue to use the trade to profit from the fraud... and extract more physical gold for themselves... from those gullible enough to sell it to them at the artificially suppressed prices they maintain now... ?
So, we're looking for "events"... like Nixon's devaluation of the dollar in the 1970's... that the market will recognize as having imposed a change in value... the market assumes "in the gold moving higher"... versus the reality in "the currency losing its value".
Throw in a few other legacy issues... like the fact that ongoing trade wars have been conducted for decades now on the basis of who can debase their currency fastest... and thus under-price others in trade.... which also couldn't happen as easily if currencies values were pegged to something like gold... Everyone "says" they want a strong currency... just unwilling to do what is required to have one... only the dollar again being "less bad" in some increment ? And, that wouldn't happen either... if it wasn't about governments selling their people's labor at a discount... so the government can collect a larger share of the value enabled ?
"Gold to the moon"... requires the currencies fail...
Otherwise... expect "more of the same"...
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