It's really strange, considering that gold-smuggling has historically been the source of funding for assorted terrorist orgs.
Demonetization may turn out in hindsight to be a master stroke, but there are too many variables that are hidden.
There remains anonymous routes such as p-notes that are still open for "black-money" routing. Hawala is likely to be hit very hard by this. See Swamy's latest lecture,
Beyond that the government did try some gold investment schemes, which were extreme flops.
With the current move I see gold buying at a never ending high in India.