Quarterly, page-26

I agree. I think people are underestimating the momentum that money flowing into these ETFs can bring. ETFs do not care about price, they just buy and sell when they are forced to do so. What I think we are seeing now is the effects of forced buying from ETFs and I must say it's nice when you position yourself on the right side to take advantage of that momentum.

You also have to remember that the gold market is actually very small and prior to the rise in gold prices the money in gold ETFs was at low levels. Now we are seeing the masses wanting to have exposure to gold and money is flowing into the gold ETfs. As you can see it only takes a small transfer of money from the masses to flow into these gold ETFs to make a big difference to the share price of the companies that the ETFs are forced to buy.

At the moment I'm bullish on gold so I expect this trend to continue and I will not be giving up my shares until the trend changes.