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Message:: [QUOTE="desertgem, post: 1378226, member: 15199"]I don't think this is true. I follow mining shares very closely ( not just the price, but reading the SEC and the Canadian NI 43-101 reports) and there is still more gold in the ground than people want to buy. The mining companies are not unlike the oil producers, neither want to burn through their reserves if it drives the prices down. Right now there is not enough demand anywhere to drive the PM upwards, the PM prices are reflecting the strength of the USD, which has been strong  and the EURO, which if Greece and Portugal/Spain stay solvent, may drive the USD down some and PM and other USD denominated commodities up. If Greece takes the euros and defaults anyway, the euro will slam. The main driving force for the gold and silver producers is not what they see as the price alone, but the price - the cost of producing it, in other words the net cost per ounce. Even small mining companies have many million of ounces in reserve that is dependent on the net cost as far as being produced. Energy costs is probably the largest cost factor for most of the miners in the US and Canada, and as the USD goes up, energy costs go up and the POG goes down, so why produce. Other places, security costs may be as high. The bullion sellers, would love that everyone thinks the earth is running out of PM, but there is a very very long way to go. IMO.[/QUOTE]