While the price of bullion is below what it should be it has done reasonably well despite the paper manipulation.

There are books and numerous article written about how paper bullion, primarily through the COMEX , has kept prices down. I you follow the activity closely you will see that often there have been billions of dollars of paper bullion sold after close of normal trading. This distortion is allowed to continue as there is no limit of the amount of paper gold that can be sold. Eventually this will correct when the COMEX defaults and is discredited and there will be a massive short covering rally.

In the meantime, other than US dollars gold is the best performing asset class.

With most refiners and mints closed because of COVID19 the divergence between paper bullion and physical bullion will continue until the paper price is totally discredited.