I remember an argument for $2300 gold by a lot of the gold bugs. Adjusted for inflation, that was the price of the previous peak (around 800 in 1980). That one never made sense to me, since that price was a bubble peak. That's like saying Nasdaq should go up to 9000 or so.

I have no idea what gold should be, since it has no real use (at least that cannot be done by cheaper metals). The price is simply a market price - what people think it's worth.

Perhaps there is a case to be made that gold will have another run, but it's also possible that 1900 gold a couple of years ago was the bubble peak of this cycle. As always, time will tell...