re: industrial usage Come on billy tea - jewellery consuming total world production of gold now year in year out and it has no effect on the POG. If it was being recycled as I presume you are indicating there would not be that constant demand. Of course the jewellery manufacturers play the price game but they still have to pay the price when it get's away from them and they have no gold stock. Imagine their shuffling right now -if they punted on buying gold for $320 oz. Read up on the WGC and you will see that jewellery is VERY important to the outlook for gold and does dictate a lot of the POG component. As soon as world economies rebound I expect jewellery demand alone to push even further above production and it is this demand/supply gap that either has to be met from the central banks who won't be that keen to sell or you have a price rise and increased exploration/production. It is like the wool stockpile -it disappeared suddenly -as will the surplus of gold -and like wool will increase in price.
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