Cheers for the reply PF.
I have been trying to follow the Basel III changes, and recently found this article/video which helped explain it.
Though I note, that the LMBA was able to get a 6 month extension....
will-the-lbma-receive-an-exemption-from-basel-iii-rules 29th JanI hope you are indeed right, and I can indeed understand your logic regarding the gold price, versus the producers share prices.
I guess my most perplexing/frustrating point, is that as I mentioned, those with the least gold, are holding up quite well (explorers), those getting ready to producers are also doing ok (developers), and finally, those actually making the money, are suffering the most. Quite amazing really.
Without doubt, producers are the most leveraged to the spot price, though it would seem that sentiment is the true price setter currently.
Then of course, you have every other sector jumping all over the place price wise, which also detracts from the gold producers/sector.
Uranium... oil. etc. All beaten down and now moving higher.
In quite a few cases, gold already has been repatriated, perhaps partially due to Basel III.
It would not at all surprise me to see POG fall further. Physical demand simply has no real effect in the very short term... until suddenly it does
![rolleyes.png](https://hotcopper.com.au/images/smilies/rolleyes.png)