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It's very likely that the stock-to-flow of gold (and other precious metals) has gone down over the past couple of years because oil prices were extremely low in 2020.
In my opinion low oil prices mean gold that was previously unprofitable to mine suddenly became profitable.
Another interesting thing is that we see delays between oil and gold prices. For example, oil bottomed out in 1998 and gold bottomed in 2001. Oil peaked in 2008, gold peaked in 2011. By that logic, oil bottomed again in 2020 and so I predict that we should see a fall in gold prices later this year. Would be nice to scoop up some cheap precious metals.
