> I agree that the physical use of gold does not explain its price by itself. Gold was around production costs ($250) before the "general commodity bull-run 20

> I agree that the physical use of gold does not explain its price by itself. Gold was around production costs ($250) before the "general commodity bull-run 2001-2011" and is now back at around production costs (nowadays roughly around $11xx - $12xx, many opinions about this and different ways to quantify but production costs are in this range these days, no longer in the low hundreds as 12 years ago).