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Quoting JarretDislikedThe real price of gold is at the moment quiet expensive compared to historical levels ....therefore physical gold continues to fall. 70% of physical gold is used for jewelry which is down 18% year to date compared to last year. Traders make a very small part of the gold market.
Oil also influences gold strongly...oil is just off a long time low.
Best cure for a high prices is high prices.
A bit of info for you, gold was 20.65 USD an once in 1833- this is around 415.00 in todays money.Ignored
QuoteDislikedCitigroup’s research has shown that “the tight internal correlations between the metals are breaking down, nickel and zinc seeing unabated shortages, while copper and aluminum have seemingly swapped roles due to supply response and Chinese import/export tax changes. …Gold continues to frustrate the skeptics, and appears well-positioned on a combination of macro and supply/demand factors.”
Hill noted that gold has been resurgent, driven by seasonally stronger fabrication, the end of the central bank selling year, and the prospects for continued dollar weakness. He estimated that the total gold held in the five principal physical gold-backed ETFs as of December 4 was 19.1 million ounces, valued at $12.4 billion. Citigroup gold forecasts for 2007/08 are $700/750 per ounce. Due to the interplay between investment demand and fabrication, Citigroup declared “we would not be surprised to see a test of the old highs of $850 per ounce.”