Lemmings...

You cannot create gold.  Not yet anyway.

And you cannot extract gold cheaply.  So when the POG falls, there has to be a reason.  Perhaps a central bank is liquidating its hoard to general cash.  Or perhaps, someone extremely wealthy or powerful, selling their gold in the market.  Or perhaps, the POG is being manipulated by something.

But you cannot extract gold cheaply.  So when the POG falls, mines will close.  And the supply will dry up.

I am sitting on the side as for a while now, I have refrained from buying much because the market is not behaving in a rational way.  But when prices have plunged really deeply, I might start to hunt again.