The thing that none of us really understand is how much "short...

The thing that none of us really understand is how much "short of gold" large central banks / bullion banks really are due to terribly opaque accounting standards when it comes to the reporting of gold reserves. The current run up in both silver and gold smacks of a large player/players looking to buy back a position that has been sold - ie some big entity/ies now wants its physical back and its gaawwwwnee.....

There are many excellent articles written on the topic of the fractional reserve gold/silver system that exists on both the lbma and comex - it is becoming more and more common knowledge that paper gold being sold by the bullion banks is backed by only a small percentage of the physical ( one real ounce of gold backing 45 ounces of paper gold sold has been espoused). Try googling lbma/ fractional gold/ Adrian Douglas etc etc

So imho the main driver for the current run up is not being caused by rampant speculation , rather a classical short squueze - and none of us know how much further it has to run.

In any event the surging gold price is good for NCM - continuing to buy all pull backs is a complete no brainer