T400, ETF investments only take up 5% of consumption on the gold pie chart, Jeweler a whopping 49% and china India east asia and the middle east consume 79% of gold production. Start seeing the picture a bit better now. With every year of growth by vol in these emerging country's which all culturally have an affinity to gold like none other....well it is just simple maths to see where the pressure on the price is going to go. You may think ETF and banks have a say, but vanity, status and culture will walk all over them in terms of sheer numbers.
