The problem is the real consumers (such as in India) are selling (or at least not buying) while speculative money keeps piling in, whether betting on QE3 or just following the momentum. China is more of a mystery but without a doubt there is a large speculative trade there as well.
http://www.bloomberg.com/news/2012-06-05/gold-being-sold-aggressively-in-india-as-prices-near-record-2-.html
Gold consumers in India, the world’s biggest importer, are “aggressively” selling the metal after prices surged to a record, an industry group said.
“In some areas consumers are selling more than jewelers,” Bachhraj Bamalwa, chairman of the All India Gems & Jewellery Trade Federation, said today in a phone interview. “They are selling aggressively.”
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