Good point. Also the dollar index is down 5% vs other currencies so gold is really up closer to 5%. The S&P500 is up 9% and Nasdaq 10%, so gold being up 10% doesn’t seem to be bubbling over.
There is a lot of consumer hype surrounding gold, but even if 1 million Americans buy 10 ounces of gold per year, it’s still less than the European central banks sell each year.
Thus fewer than a hundred crusty Europeans can do more to artificially depress the price of gold than the hype of a million American “survivalists” can do to artificially raise the prices.
As long as governments keep printing money to pay the bills, gold will keep rising. The rise in gold will only be nominal, rising relative to the price of commodities and goods. The only thing that can stop this from happening is if central banks and governments ban gold altogether.
Later reading. Good night.
There is a lot of consumer hype surrounding gold, but even if 1 million Americans buy 10 ounces of gold per year, it’s still less than the European central banks sell each year.