A rather significant optic is exactly what is meant by “gold.” John Embry, Chief Investment Strategist at Sprott Asset Management, comments, “It’s all just paper. I can assure you that there is very little physical gold being sold at distressed levels here. Any transaction in physical is probably being motivated by the buyer who is taking advantage of these low prices.”

Similarly, the “London Trader,” interviewed by King World News, reported, “[March 8] when we dropped through $1,700, you would not believe the amount of physical tonnage orders that filled. US-centric traders tend to concentrate on the COMEX, but the real market is made in London.”

Another optic much influencing the paper price of gold lately has been Europe, the sick man of continents. Reuters reports Thursday that Greece’s bailout deal survived its first test, “an overwhelming acceptance of a bond swap offer to private creditors…beat[ing] its own most optimistic forecasts.”