The gold leaving the system for hordes will never come back in this environment. These are the best times to buy physical. You have someone trading angry to make a point rather than a profit or for financial purposes. The real answer to their problems is gold at the correct price of over 10k. They tried to push up stocks before gold fully valued and fixed the fiscal issues. That is not going to work. Gold needs to be higher, to back it and negate the debt, or people will never trust the dollar. They will just keep buying gold. Do you think I like being forced to buy gold to protect myself? No. I don't. But what choice do I have when the dollar is only going to be 10% backed by gold in a few more months of QE? The last time it was that low was the year 2000 and it indicated impending financial collapse.
I'm sorry that you don't like what has to come. But it does have to come. The system needs stability before it can grow. This nonsense of unbacked dollars and propped up debt is a timebomb that is only defused by higher gold prices doing their job of backing the dollar.
It is going to happen no matter what. You might as well benefit from it.
Good post, but its not "someone trading angry" its the Federal Reserve and its proxies, the commercial banks (eg JP Morgan). Gold has no countertrade but the dollar does, and it is gold. However the GLD, SLV etc are not proxies for physical PMs, they were created to allow the big banks including the FED to hedge the dollar without having to short gold on the CME (shorting gold futures just drains gold from our shores as countries and foreign banks, especially ones with big dollar holdings, think China, take delivery instead of rolling the contracts forward). If you are long the ETFs and are down, there is no point in selling now. This will recoil like a spring when the institutions cover, ie soon when there is no more liquidity left in these funds. Just looks at the charts, this is the same situation we saw in 2008 as the world ran to the perceived safety of the dollar. GLD bottom should be around 145 if you want to add.