Deflation of fiat assets
QE
Isolationist policies
War

- The loss of value
- The expansion of fiat
- The anger between old partners
- The fighting over angst.

During this whole period governments expand fiat at massive rates - war is expensive.
Gold's notional value as a store of wealth will respond accordingly.

Read this book WAR & GOLD: A Five-Hundred-Year History of Empires, Adventures, and Debt & you will see why & where we are segwaying into the same cycles as has happened in the past.

By the time you read the first 100 pages you will understand why bubbles occur from fiat expansion & how they unfold.

The book is a classic & I highly recommend it.....