what is the truth?, page-11

Also, you state that ETF's are single handedly driving demand/price movements, the 2010 data shows that 178 million ozs went to investment, your charts show that in two years to March 2008 ETF's bought 120 million ozs - how much then is going into the hands of private holders? We've also seen Texas university buying a billion dollars of gold, what are the chances that other institutions/organisations/governments (China/India?) are also buying PM's on a large scale too?

I'm not disagreeing with you, but I think it's a bit fuzzier than you imply, only time will tell...