nadleromics

We have consistently noted that it is difficult to make a hyper-bullish case for gold prices at a time when mine supply managed a 6% annualized gain in 2009, scrap supplies flowed at historical record levels, and fabrication demand sank to a two-decade low.

Price of gold up in 2009, despite the above – negative?

GFMS analysts had-just last week-warned that the gold market has become utterly dependent of investment offtake and that such a dependency was perhaps not the healthiest development to note as we start the new year.

Gold viewed as money - negative?

We would clearly be a lot more positive on gold’s near and medium-term price gain probabilities if in fact such investment demand was identifiable as coming mostly from, say, pension funds with very long-term time horizons, individual ‘man in the street’ type of investors, and similar, rather than the spec funds whose trading priorities and historically fickle participation patterns make for little more than time bombs in the various markets they touch and have touched.

Gold not widely bought, other than by national banks - negative?

Looks positive to me

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http://www.paulvaneeden.com/Home

His model for determining the fair value for gold was able to predict both the run up in the gold price to over $1,000 an ounce between 2001 to 2008, and its subsequent decline to around $750.

Naughty, naughty gold.