RE: ...spike into the $2,500 to $3,000 price range I think this is bearish, not bullish. Firstly, the open market forces are much stronger than central banks overall. Secondly, lke most businessmen, I believe that government employees are mostly clueless and reactive, consistently acting after the horse has left the barn. One good example - Gordon Brown selling off huge chunks of Britain's gold reserves at a time when gold prices were at all-time lows. By this pattern it makes sense that Central Banks are buying now when prices are high. I think the POG is trending down and will hit $1500 before any economic catalysts come along and trigger any substantial moves up. If he farce in Cyprus did not trigger anything then clearly the buyers are on the sidelines. More people pay attention to what Soros does than governments, and Soros has been selling. Yes, there is substantial money being created and therefore available for spending. But where is this money flowing? Into investment vehicles and investment banks and loans to corporations, not into gold mining companies. This is because gold miners have shown that they can't make money for investors because they can't control costs and make poor investments decisions, ie Iamgold, Kinross, Barrick etc. The place to put money is where people like Buffet put it, into good companies with good cash flows at reasonabole prices. It sounds simple, and it is. Gold companies do not generate good cash flow at reasonable prices. What they are good at is issuing stock options to principles. Until they prove that they can generate a safe dividend at a reasonable price, they will not make a good return for the investor.