Problem as always is the inverse correlation between gold and ZAR. Central banks are indeed buying gold en-mass now, as they spurn US Treasuries. The bond markets are signalling their fear of US debt levels and gold is benefitting from these concerns, as well as general US - Iran tensions, ongoing trade wars etc. Stock markets are very, very top heavy as companies have used all that lovely QE that has found its way to them, to buy back their own stocks. This has kept stock markets absurdly high even as the aging generation (who generally outnumber the young in developed economies) pulls their money from stocks into safer assets, like gold.
I don't see gold popping yet but it's coming... The dream scenario for SA gold stockholders is a gold spike, together with another economic collapse / emerging market risk-off sentiment i.e. weaker Rand. I reckon inside of the next 1-3 years.... Interestingly, I reckon SA will recover quicker and faster than most developed nations, who will go into a Japanese style deflation scenario for a long time...