If gold dropped much lower than its current price, it might not be profitable to mine it. So I think I am in agreement with your post. If gold got close to $1,000 USD, i might convert half my USD savings into gold. And if it got to $800 I would probably convert the other half.
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If gold would get that low it would only be the paper derivatives which are fake anyway... you would just pay a really large premium over spot. This has happened with silver in the recent past already, when I got all exited and tried to buy it sub $14.... also delivery times at the big sellers like apmex go to unreasonable times. Just my 2 cents though.....
I think the precious metal markets are manipulated so much that it is hard to compare it to crypto.