Gold long, from a macro view

Since the 80s, the US made lots of debt (for importing goods and for defense). This debt was financed via an increase in USD money stock. An increase in money stock equals an increase in demand. This fueled Gold prices (or rather, the USD lost buying power compared to Gold) and finally Inflation.
As there ist so much debt by now, interest rates cannot bei raised sharply in an easy way. This ist why money stock and Gold should keep raising. So far as for the big picture.

Outlook: I expect Gold to fall after war in Ukraine ends. But then it should rise again in accordance with growing money stock, until interest rates are finally raised very sharply due to the accelerating inflation. This should kill stock markets. Gold will also plunge but bounce back as investors look for Safe Havens.

This ist just a scenario and no financial advice