I am reaffirming the fact that I think we are done panning gold for the moment. The oilgarchs knees are weak, and their backs hurt. Bernanke panned so much gold (by leasing his gold reserves) he is in Davos on a much needed vacation. In order for them to get gold down, they let platinum and palladium to rise thoroughly, and the pullback on gold and silver has only been slight remembering silver doubled YoY.
Another reason I think it is because everyone is calling the next move down. People who do not see the relationship of al markets with gold fail to overstand what gold is. Gold is the backbone of the financial sector. Monie is gold, gold is monie, it is a reserve, and an asset that backstops the economy. If there was a recovery then yes, demand on gold might decrease. But demand on gold is not decreasing. The only thing decreasing is supply.
Yet money runners talk their uninformed books like King James bible thumpers. They give candid examples but forget that gold is in all technology, it looks pretty, and it acts as the perfect definition of monie (which fiat doesn't). Any liquidation is only the weak hands folding. This is what the gold player wants, for the gold pot will be large. There will be no leprichauns.