Putting aside central bank mischief for a moment.
Just supply and demand.
Below is the world mine production total.
Mine production is at a record high. So why be bullish?
See the mine production per country.
China and Russia, two of the largest producers are net importers. China in 2017 imported about a 1,000 metric tons. Not a single ounce of gold leaves China. When you take away China and Russia, the production picture looks very different.
Gold bottomed in 2016 at about 1,050$/ounce. The mining shares are a disaster. You can’t give them away. In the next five years, the prices of these stocks will be a multitude higher than they are at present.