The main thing you need to watch for is what is happening with central banks because for the first time in recorded history, we have all major central banks and governments around the world printing huge amounts of money. This has never happened.
The world is floating on an artificial ocean or an artificial lake of lots and lots of printed money. Now, while this is going on, everybody is very happy, we are all having a wonderful time, at least the people who are getting it and their friends. But when that lake starts drying up, you better be very worried and very careful because its going to dry up and a lot of us are going to dry up too.
I think there will be a better chance to buy gold later. I own gold, I have not sold and I am not selling any of my gold. I hedge some of my gold. I think there will be a better chance to buy.
The indians who are the largest buyers, or have been the largest buyers of gold in the world, indian politicians are doing their best to stop indians from buying gold. They have been very successful in the last few months.
Worse than that. The indian politicians are now trying to make indians sell their gold. many of the indian temples over the last few centuries have built up huge stock piles of gold. Now the politicians want them to sell it. If those indian temples start selling gold, who knows how low will it go.
People have tried the gold standard many times. It has always in the end been abused by politicians. They cheat the public, they start cutting back on it, they abandon the gold standard. It might work for a while, but nothing has ever lasted forever. So we can try the gold standard but it will not work. It has never worked before for any long period of time.