**Short answer** No one can know, but anchoring on central‑…

**Short answer**
No one can know, but anchoring on central‑bank buying trends, gold’s stock‑to‑flow dynamics, and the size of the crypto market, a reasonable scenario range for gold in a world with (a) no broad "price suppression" and (b) no BTC/crypto as an alternative would be roughly $6,000–$12,000/oz over time, with upside tail risk to $15,000–$20,000/oz during stress episodes. Below is the reasoning and the math so you can judge the assumptions.