oh, and regarding the central banks, I agree they're the dumb money. They were also the ones who ran gold up in 1980. Pierre Lassonde has said that all the people in NY lining up in big queues at that time weren't buyers of gold they were sellers!
However, individuals are still net buyers today especially the Chinese and Indians who will be taking ~58% of all the bullion sold in the world this year, according to WGC. These buyers didn't exist 30 yrs ago.
central banks buy gold, page-3
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