Demand isn't there for gold at all. If you see, Indian gold imports which constitute retail demand is down over 40% YOY for the first time in over 40 years.
Almost every Gold company and even GLD etf is trading at a P/E of over 30.
Oil intrigues me even more. With nearly 10% and over 19% real unemployment, where is the demand for oil coming from? Global demand was never as much during the boom periods of 07-08 when oil went upto 145+.
This smells pure manipulation and nothing else. Big boys at it again. :-)
Depends on how manipulation is defined. The manipulation I perceive is going on concerns the FED liquidity and US gov't. Undisciplined deficit spending and zero interest rates not good for the dollar. The liquidity has found its way into the asset markets instead of to the consumer. In that respect, the big boys are playing "dirty pool" with retail traders like us; causing price action across asset markets to diverge from relationships we have learned to trade in the past.