hi wombat
you're continuing to forget what i posted before
gold's price - which is the only relevant point - is discovered principally in its function as a currency - not a commodity.
im well aware of who takes delivery, have had similar disagreements with many of the people in the space - and time and again pricing has proven my view correct.
this is why i was able to accurately buy in at 1050 and not be innvolved on the way down from 1900 other than a brief part of 2012
as ive outlined - yes it does conain a commodity component - as i posted prev i would set it as representing apprx 20% of the 'price differential'. But the majority - which generally i would put beween 60-80% is s a function of gold demnd that is driven by its role/appeal as the 'true currency of last resort'
anyone who wants to tell me gold just broke from 1050 to 1300 because of jewelry buying or even just straight USD weakness driving commodity trader speculaton is going to have a fruitless discussion
so - as ive said before - in my view, you are both mistaken. thats not disrespectful. i just happen to have different knowledge to what you have - thts led to a different view
its why all the commodity-driven analsysts get gold wrong repeatedly
last time gold really traed like a commodity was the 90s. ie when its 'currency' function was almost entirely dormant
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