Don't forget that the two most populous nations are now, individually, turning to private gold accumulation. Imagine 2.7B people BEGINNING (India plus china) to purchase gold. That is huge. Now add pessimistic Americans and Europeans and there is a large non-industrial demand for gold. Add to that the industrial demands, central bank maneuverings and the multitude of other up and coming nations (such as the middle eastern countries flush with oil looking for another safe haven for their wealth) and you get a constant and growing demand for gold. Plain and simple. No gold backing of currency necessary to see $2500/oz prices.
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