However, on the demand/supply issue I think Nadler's point (one I don't agree with) is that the demand that comes from jewelry and the like - he's always harping on about india - is the only real demand. He thinks the investment demand created from ETFs is illusory since that speculative money can exit just as easily as it entered and so once the trend turns it will turn hard.
I don't agree with this - but it's at least a bit more sophisticated than mish represented on that score.
HOwever - Nadler's claim that there has to be a bear market in stocks is one of the stupidest claims with respect to gold I've ever heard. If there is across asset inflation caused by low interest rates - then of course gold is going to go up along with the stock market. That's why gold has risen largely on track with massive general stock bull market.
A bull market is always relative to the time frame you're interested in. Compare gold and the dow from 2005 to 2008. THe dow was clearly in a bull market in that time frame - gold increased a phenomenal amount. What a tard.
