I have to agree with Blitz on this one.
their no doubt that gold has been victim of speculation.
If the dollar has lost so much value, why is it virtually all other commodities have not skyrocketed like gold?
sure everything has gotten more expensive in the past ten years, but nothing like gold.
gold price shooting up should be viewed as people predicting/speculating the dollar will fall in value.
gold was hyped to no end.... look around you see buy gold buy gold everywhere.
gold has priced in the next 10 years worth of inflation.
Speculation, heh heh, you could call it that, but it isn't the normal sort of speculation...
Gold is more manipulated than any other commodity. It is the only commodity that is classified as a currency by BASEL and the central banks. They central banks have as a part of their reason for existing, the manipulation of the BASEL listed currencies against each other. It is the only such currency that is not also a geographically defined one, so it is especially manipulated. The folks doing this manipulation are many orders of magnitude more monetarily influential than "speculators".
Yes, "hyping" is a bearish indicator.
I am not suggesting that the gold/dollar price is going to rise in any particular timeframe, but I also don't pretend to know what the next 10 years of inflation are going to bring.
The gold price doesn't move by traders buying and selling more than a little, the price moves by central banks and their bullion banks moving it. The ETFs gave these folks massive leverage power over gold. The price direction is not for us to say, it is for the generals of the currency war.
The retail market is not the market.