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All this while the accumulated leverage pumped into the "gold" market over the 80s and 90s, in structural support of the dollar until the euro was launched, is still present.
With regard to the price of gold, the Central Banks are not about to just allow the market to collapse the value of their own primary reserve asset. Unlike Western traders, the Central Banks will not be content to buy paper in place of gold. In my opinion.
What real world value will gold ultimately have,
once it is free of this leverage?