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
2013 gold analysis “..core annualized demand …3,000 tonnes more than mine supply”
October 23, 2013
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