Beaver there is support for 2cents comments

http://blogs.reuters.com/rolfe-winkler/2009/08/24/gold-demand-declines-in-q2-still-high/

http://www.telegraph.co.uk/finance/newsbysector/industry/mining/6056361/Demand-for-gold-slumps-to-six-year-low.html

I guess the real question is can you trust the media ... so many other places would seem to indicate their is a shortage as a result of higher demand.

Another quote is

Investment demand for gold remained very strong in the second quarter of 2009, rising 46% on year earlier levels as investors continued a flight to quality.

... SO which way matters jewelry demand or investment demand ...

I think most of use beleive that the POG is going up in relative terms to the USD.

orgy