

This is the midpoint og a long war
As long as Ukraine holds, russias ability to wage war will slowly dwindle, while Europe is building up its war machine as fast as it can to cut out reliance on the US. For every month that passes, Europe’s ability and willingness to send larger volumes of more advanced weapons to Ukraine increases, while russian stockpiles and production capacity are being burned down.
If this is only the midpoint of the war, and the current trajectory continues, I can only see this ending one way: With the dissolution of the russian army.
Yes and no: Gold has many important properties and is relatively rare, but what really makes it expensive is that enough people agree that it’s worth something.
If the only market for gold was for actual applications where gold is needed, the price would absolutely tank.