First of all, I don't think gold is a memestock. It has like 30 trillion market cap, memers from wallstreetbets can't move it.
So, anyone have actual idea? I heard the following hypothesis
1. Buyers are demanding physical delivery now. So short sellers are getting squeezed. Everybody is afraid to short gold now.
2. Central banks are buying. Every dip is gobbled up by the banks.
3. De-dollarization and debasement continues to increase the value.
But why is it increasing such rapidly? I have noticed the rapid increase after Trump Greenland threat? Have western European nations started dumping dollar and buy gold? I haven't read anything about that.