Bottom line If you remove crypto as a competing hedge and a…

Bottom line
If you remove crypto as a competing hedge and assume cleaner price transmission, gold plausibly re‑rates into a multi‑thousand‑dollar band—most credibly $6k–$12k in a steady state—with significant upside skew during shocks. I don’t know the exact number, but the order of magnitude is defensible given observed flow/price sensitivity and today’s structural official‑sector demand.