the paper "market/ derivatives/ ETf's are responsible for building the price that the physical is based on. No one complained on the way up, they just rode it. Huge Assets under management in the Gold space in many many many different forms have been built over the last 8 years and as people look to redeem, that industry will fall lower and the true value of gold price will be found imo......
Cant forget Paulson with his "consultant: Greenspan hyped gold from 953usd with a huge fund built on the back of his winning trade against housing. Everyone gave him money to buy gold as he said it was going up and who is to question a guy that made a fortune out of know where, he has to be right,,,,right?,,
when the customers start to say give me some money back, Paulson will have to sell to repay,,,this will be the story all over the globe with all the other Gold "funds""products" etc
Eg, First Eagle,,,went hard into gold miners, .........fund is down big, people will withdraw, selling buttons will be hit ,,,you get the idea.
Meantime,,much much much brokerage will be generated for the brokers/ banks as people rush in an out on the slightest headline.
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