The owners of gold have a conflict of interest against the repayment of debt. If the US government redeemed it's treasury securities, gold would tank. Gold was slashed 1/2 in the 90's by slashing the deficit even without redeeming securities.
Betting on gold is betting on a collapse that will only occur with more war. In another way of looking at it, without war, gold will tank.
This sets up another pernicious conflict between the owners of gold and peace. War is a necessity to increase the value of their holdings. It's the only way to sustain the increase in deficit spending, without increasing production of capital. Wars destroy production of capital, most obviously human capital. In contrast, Reagan's deficit spending increased production of capital .