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It would not "effect" the price of gold. It would affect it but I don't think that particular effect if is going to happen outside of the minds of those oh so very rational people who hold that gold has no real value because you can't eat it, it won't keep the rain off you and it won't keep you warm. Actually, ALL value is psychological, depending on the value that informs people's choices for how to make use of their resources. Some of the things that have value are perishable thus their value is ephemeral and they are not a useful store of value. Other things, such as land, are entirely too bulky to use as any sort of medium of exchange. Some desirable things vary greatly in their occurrence and are not a stable store of value. Gold is mined at fairly steady rates and is highly unlikely to suddenly increase in amount or decrease, either. Gold is unique. It is beautiful and will be regarded as such so long as humans have any appreciation for adornment or art. Gold does not rot, rust, or otherwise waste away. Gold is portable. You can carry around a substantial sưm of value on your person without immobilizing both hands. Gold is a permanent and consistent valuable asset that will not become useless as a store of value and/or medium of exchange so long as humans are free to make choices for themselves. In a perfect totalitarian state there would be no use for gold. In a human totalitarian state gold will still be the supreme store of value. The opulent ruling class will always crave it for decoration and it will always be less than water-common.

I mean “effect” as in “cause and effect”.

cause - people don’t think gold is pretty any more. people don’t want to make jewelry out of it.

effect - the price of gold falls.

I was very surprised to see my comment replied to so many times.