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<p>[QUOTE=&quot;Info Sponge, post: 757912, member: 20538&quot;]I can&#039;t find it now, but once when I was Googling for information about fundamental analysis for gold, I ran across someone&#039;s book which said gold was unusually complicated for a fundamental analyst.</p><p><br /></p><p>As best I remember, the author&#039;s point was that the demand for gold is multifaceted, the supply is a mixture of independent sources, the inventory is uniquely huge, and a lot of it is driven by market psychology. My memory is probably off about the reasons, but the conclusion does fit the facts: at least one person doing respectable fundamental analysis has been way wrong about recent trends.</p><p><br /></p><p>&quot;Supply and demand&quot; is also not a complete answer for an investor. The future depends on how much of that demand is &quot;strong hands&quot; who intend to hold onto the gold for a long time (e.g. central banks) and how much is from short-term speculators who can and will sell in a heartbeat. One interesting thing that was not at all to be expected is that ETF owners have been &quot;sticky&quot; so far.</p><p><br /></p><p>IMHO CloudSweeper&#039;s list of reasons is the best answer in the thread so far. We should thank him or her.[/QUOTE]</p><p><br /></p>

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