I believe that deflation is the name of the game...
The worldwide gold market is small. Much smaller than bonds or stocks. Thus money flowing into this market can make it shoot upwards during an inflation or deflation. Just depends on the events and the market psychology
The worldwide gold market is small. Much smaller than bonds or stocks. Thus money flowing into this market can make it shoot upwards during an inflation or deflation. All depends on the events and the market psychology. America could have a deflation but gold is pushed upward by international buyers who are experiencing inflation