Lyn is excellent macro market analyst. Worth reading this post. She is no Gold Bug.
These reasons not same as gold bugs.

4 Simple Reasons to Buy Gold
I added gold and gold stocks to my model newsletter portfolio in October 2018, and have dollar-cost averaged in from then until the present day. In the year and a half or more since then, gold and gold stocks have outperformed.

4 Simple Reasons to Buy Gold

In simple terms, whenever the orange area (gold price, normalized to 100 in 1973) goes way above the blue line (broad money supply per capita, normalized to 100 in 1973), I’d be more cautious. Right now, they’re at about the same level.

This inclusion of per-capita metrics makes this my more conservative gold valuation indicator. In other words, it can certainly go a lot higher, especially during some type of currency reset or crisis, but this represents my lower-end base-case estimate of fair value in non-extreme circumstances.