The primary reason for gold to explode is Low-interest rates and financial uncertainty following the Covid-19 market crash. Also China's Communist Party bullying of the other countries while trying to fix real state bubble which they eventually wont fix. If financial uncertainty continues, most likely propelled by the weakening in economic growth following the pandemic, we could see gold hit new highs in end of 2021 and fresh new ATH to be reached in 2020.
Hence: the one that goes the last will go the most