Central banks are buying gold at the highest levels in FIFTY YEARS!
http://www.mining.com/central-bank-gold-buying-surges-50-year-high/
Fifty years ago the price of gold was fully freed from US government control, helping to set off a rapid rise in inflation ending around '79/'80 when central banks became sellers, selling even gold they did not have on hand. This was an attempt to stem rampant inflation. That began a long period of declining gold prices to the Turn of the Century. There is no evidence that a similar cycle is underway now, but it does look probable, at least to me.
I can't find a chart back to '69, but this will do.
VP