There’s somewhere around 200x more “paper gold” in circulation than there is actual metal in the vaults supposedly backing it up. This is politely called “rehypotecation“, and less politely it’s called “fraud”. Basically, they are selling the same gold bar 200 times and counting on the fact that almost nobody demands physical delivery. Now, the BIS apparently demands that the holders of gold as a tier 1 security under Basel III demonstrate that they actually hold physical gold in the quantities they are reporting on paper, and the deadline for that appears to be 28.6.2021. This means that some of the major players, who previously used to defraud people massively by playing with paper, are in a situation where the music will stop playing, in a game of musical chairs, so they are now dumping all that paper gold (read: fraudulent garbage that is about to be exposed) in order not to get caught, and since the market treats those forgeries as if they are physical metal, the price of both is connected, so selling off immense amounts of paper lowers the price of both. At the same time, the demand for physical metal is enormous and everything that appears on the market is immediately lapped up. When the paper positions unwind, and all the thieves manage to cover their naked butts, the price of gold, now fully physical, will likely explode to cover the same volume of money that was previously the valuation of all the “paper gold” forgeries in circulation, basically expanding to 200x or so compared to where it is today, because the “paper gold” was artificially introduced to satiate demand without allowing the price of metal to rise accordingly.
Short versions: hold and buy now while it’s cheap, and if it drops more, buy more. Think of it as Bitcoin at $300, a few years ago.