the collapse of etf gold - paper gold, page-88

Hi Ophir,
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you forget just one thing: gold is just not another metal or commodity, it's unique as it's also money and has been for thousands of years, the best money. It's the best store of value & the most valued precious metal because of many things, including its beauty and rarity.
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That's the goldbug explanation, but obviously most people disagree with you because the price is plummeting.

The price of gold is 90% dependent on psychology and emotion and both are completely shot to bits right now, so I don't see any turnaround. The chinese 'aunties' bought their gold based on emotion, not on cold hard analysis and that's why they're crying in their green tea. The chinese peasants are going learn the hard way, buying at the top and selling at the bottom and while gold might be eternal, we are not. Eventually they'll need the money and have to sell.

Westerners are selling gold because it's a loser, see how much gold ETF GLD has shed in the last few months.
The miners have no say over the price of gold and while they might like a 25% markup it doesn't mean they're going to get it.

You reckon gold miners are money spinners? lol

On August 20 1996:

S&P Total Return Index (incls divs) was 868
XAU gold and silver index was 127

On Jan 3 2014 S&P Total Return 3285
XAU gold and silver miners 86

So over 17 years S&P +2784%
XAU gold & silver miners -32%

A second-hand car might have done worse but I can't think of anything else.