Fearless

I will not try to figure out if I agree or disagree with your recent but I would like to make one point. The present day situation for supply & demand for gold can be compared to the evolution of the control of the price of oil by OPEC. Do you remember when OPEC set the oil price because they controlled the supply? Today an OPEC statement statement gets a yawn from the mkt. because of the new supply balances.

IMO In the case of gold various countries have sold huge amounts of gold over the past 15 years & no longer hold the big stick. The mkt. cap of GLD ETF is $20bill, ABX is $44bill, Goldcorp is $30bill & just the outstanding Apr. Comex contract has open interest equal to $30bill. All of these are US Funds. There are many other gold mkts. in the world. Countries can only ripple the gold mkt. They are powerless to control it because they have largely depleted their supplies.

Regards

Joltin