Agree folks, gold too tough to call.
However, with so much gold stored its hard IMHO to see the cost of production or the amount of mining activity to have a substantial impact on price.
If there's any big theme that should impact it then it's the favorable store put in gold by the populace of the parts of the world currently increasing in wealth, not just China and India, but places like Indonesia, the middle east and Africa, where rapid currency devaluation are fresh memories.
To counter that I guess is always the possibility of European central banks emptying their vaults (again).
A tough call, as gold really has no intrinsic value, and our species has already mined so much more than our species has any rational use for.
Trouble has been for me not buying the gold story, is my main nickel miner becoming a gold play, and my main copper miner moving towards 50/50 copper/gold.
One of the key attractions of OZL for me is that it appears intent on being a copper company, albeit with strong gold credits, not a copper gold company.
EL
extension of gold support, page-6
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