First of all sorry for rambling on above @speculator101
Probably a better way to explain was my brother asked me the other day, how come $POG is so high but WAF has not moved. I explained to my brother, yes $POG is high for example US$1900 but there is no benefit if it's not long term and therefore, I prefer WAF to stay above US$1800 long term rather than short term high $POG.
I explained that WAF doesn't sell all its gold in one day.
For example, WAF may have:
- sold 5,000oz on 1 July
- sold 5,000oz on 13 July
- sold 5,000oz on 25 July
So WAF does not get the benefit of US$1900 for all 15,000oz as they would have been at difference prices at different stages.
Therefore, what I said to my brother, it is better for $POG to be consistent US$1800 and we don't get greedy, so we get 5000oz x US$1800 (1 July), 5000oz x US1800 (13 July) and 5000oz x US$1800 (25 July).
Moving US$1900 and higher means a better chance it may drop to US$1700. I'm not saying US$1900 to US$2200 is not possible and not sustainable, I just think there is a better chance $POG can stay at a higher level and longer at US$1800.
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