I agree that supply and demand are the determinates of the value of any commodity . It should be borne in mind , though , that the price is only just now stimulating further gold exploration , after a long period of almost no activity on the exploration front . Also it should be considered that it takes 3-4 years from discovery to production of a new gold resource . This lag period gives gold plenty of time to move substantially higher before it being choked off by increased supply .
everyone gone off gold?, page-8
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