Loading ...Were you at one time years ago, called yourself Scruffy? Or something like that? To me the scum are the ETF buyers, futures buyers, the algo computer trades etc. They buy and sell mostly nothing physical , just “voting” hunches and opinions, of the future price. So in reality, the “opinions” make the price, until the “wrong” price gets so removed from reality, the trend changes.
In other words, the betters ran, or voted the Gold price up too high too soon, re over $2,000/oz. as they clicked away. Unfortunately, the Physical buyers have to PAY that price at the dealer. Same when its too low.