Paper gold (Comex gold) is going down relative to real gold because of growing counterparty concerns in the futures market.

The whole point of owning gold is safety, and, if the financial system collapses, paper gold (gold futures) are not safe. Smart investors know this, and so they are buying physical gold instead, in large quantities. By the time the world realizes that paper gold is trading at a discount to real physical gold, there will not be much, if any physical gold left the time

Reports of gold shortages are real. The price of real physical gold is only going to go up. On the other hand, paper gold is going to trade at a steeper and steeper discout to real gold as investors lose faith in the financial system and its derivatives.

Basically, paper gold has counterparty risks. Real, physical gold doesn't. It is that simple.