The premiums are pressed rather heavily, reflecting both short selling and a type of capitulative pessimism.
As you know I tend to view 1420 as key downside support for gold.
"You are the very cause of your ignorance, yourselves. You put away the light, yourselves; you first pluck out both your own eyes, yourselves; and after that other men’s too, so that the blind may lead the blind, until you both fall into the pit.”
Thomas More, The Sadness of Christ (Gethsemane), Tower of London, 1535