2013 gold analysis “..core annualized demand …3,000 tonnes more than mine supply”

Eric Sprott has calculated that record gold demand in 2013 massively exceeds mine supply. This means that lower prices can only be achieved through a massive transfer of ownership. That is what is happening as the West sells and the East buys.
http://sprottglobal.com/markets-at-a-glance/maag-article/?id=8424

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