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Well, let’s see….central banks flipped from sellers to buyers in the last three years, even as price has risen. A record amount of money was spent on gold in 2012. A small decrease in total tonnage purchased. Couldn’t be that supply is getting tighter…. Yep, global demand is down.
By the way, Keith, my quip “Yep, global demand is down” was intended as a bit of sarcasm toward the article.