Art is right.Stocks move up and down and next week, we can reasonably expect more profit taking IMO. The gold market is very speculative and unless all gold holders suddenly started demanding the physical bullion, we do not have a shortage of gold at this time, so the supply and demand fundamentals are not suporting the price increases.
We are in yet another market fad, IMO, and just as the price of oil rose from the $20 bbl level to $60+ where is has roughly stabilized, gold has risen and will find a point of balance between supply and demand probably in the $500 to $600 range for the rest of the year IMO. Long term bull markets are long term, and too much too fast will need to correct to become stable.
On the other hand, a physical event such as everyone shifting into the physical metal would be the equivalent to having a run on the bank with all customers demanding more cash than was available...It could cause a supply shortage crisis and result in giant spikes in price, but would not be permitted by the government. No government will stand by and watch a monetary or commodity crisis unfold without intervening to the degree that they are able to IMO.
Gold will likely rise in price as oil has but talk of an explosion to $2000 to $3000 per ounce without a sudden increas in the demand for the physical metal is fantasy IMO at this time.
It makes for entertaining reading though!
Gold luck to all!