The Cork Board

[properlynumb]

I don't know whom to believe.......
Forbes reports .........
3/27/2013 @ 3:29PM

Central Banks Bought More Than $3B In Gold In 2013: UBS
http://www.forbes.com/sites/afontevecchia/2013/03/27/central-banks-bought-more-than-3-trillion-in-gold-in-2013-ubs/

................from their article:
"As prices have dropped and investors lost faith, central banks have been on the opposite side of the trade, gobbling up bullion at a rate of 27-metric tons a month"

[total world production in 2011 was 2700 metric tons]
http://goldsheetlinks.com/production2.htm

[total gold recycling declined in 2012]
http://www.kitco.com/reports/KitcoNews20130214AS_b.html

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The question is:
Who's on the profit side of the trade?
The sellers who exit the ETFs and sell to capitalize on earnings,
Or
The Bankers,
Who use Gold as an asset. Buying about 12% of production with no real improvement in spot gold price.