Over the past few months, gold prices have completely detached from our model-predicted prices. While we have seen deviations between actual and predicted prices in the past, those deviations were always temporary. What we are witnessing now is the paradigm shift we alluded to in our report from March 2023. Some explanations for this deviation we presented in that report are still valid. However, it appears increasingly likely that the main reason for this development is the central banks’ having lost control over the gold price.