Without the presence of a competing measure, a relative benchmark, it is impossible to properly appreciate anything.
The current quoted gold price is a function of supply and demand in the market for gold-denominated credit. Today you can buy gold-the-reserve-asset-in-strictly-limited-supply, for approximately the same $price demand places on its derivative… infinitely-available gold-denominated-credit from the nice people of the COMEX and LBMA.
The anomaly is a lack of distinction between the asset and its credit derivative - they are treated as equivalents by all but a few market participants. Gold owed is considered equivalent to gold owned.
Debt is the same as equity?
As the underlying asset reserve base is progressively drained from the current pricing system, this perception of equivalency cannot continue indefinitely. At the point of divergence, physical gold will finally be free to find its own distinct equilibrium price in the market… with gold-denominated credit also free to find its own. Beyond this point of divergence, it may become apparent to all that derivatives cannot really perform as hoped. Demand for them may wane. Prices in the two markets may cease to be approximately equivalent.
Physical gold may return to being properly appreciated as the prime wealth reserve asset that it always was. Gold-denominated credit may no longer be worth the paper it's written on.
Are you sitting comfortably?