I beg to differ, and I think the chart (EDIT: pp 10/11) linked below can be used to justify this. The PoG in comparison with $-M3 looks as suppressed today as it did in 1971. Given that Fed/central bank gold holdings have not increased since then, but dropped instead (inofficially), the opposite is more likely, i.e. the price is more artificial today.
http://gold.approximity.com/M3_gold_commodities.pdf
EDIT: Only just saw c-jay has commented on it as well. I guess we agree here as usual. EDIT: And my argument didn't even have to use derivatives. Put them on top of it, and you know what we are up against.