RE:RE:RE:i hate to say this
This for all the long suffering SBB and gold in general investors - comments from Tocqueville's John Hathaway:
"Gold price weakness has been paradoxically accompanied by rising physical demand, Tocqueville fund manager John Hathaway told Mines & Money London this morning. “The paper tail is wagging the physical dog in the gold market,” he said in a keynote speech on the conference's final day."
“The banks that lend against the underlying collateral extend less and less credit, so the scramble for physical, which in the long run I think is very bullish, is the biggest reason for the disappointment in the gold price.”
“If sentiment were enough to go on, we should be at a very safe inflection point. I cannot remember bearishness anything like this, except when we started our gold fund in 1998 when gold was treated as a joke. It reminds me of the dotcom boom in reverse.” The short gold trade he added was “one of the most worn-out, over-exploited trading ideas that I can think of.”
Here's a link to the full article:
https://www.mineweb.com/mineweb/content/en//mineweb-gold-analysis?oid=220618&sn=Detail