Gold's price is likely being held down because there's far more "paper gold" than real gold, which is bad news for anyone who thinks the current price is honest.

• Most gold traded in London and New York never changes hands as actual metal — people just buy and sell paper claims on it.
• Because sellers can write many more claims than there are real bars in the vault, the market acts like gold is plentiful when it isn't.
• More paper claims than physical gold pushes the price lower than it should be — that's how you suppress an asset.
• The whole setup only holds as long as most buyers never ask for their physical gold at once.

Outlook: If enough buyers demand real bars, the gap between paper and physical gold could force prices sharply higher.