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Just stumbled upon this thread.

"#5) On February 15, 2013 at 8:08 PM, whereaminow (87.64) wrote: ajm, Its all about perspective. Anyone who thinks $1600 is a collapse needs to have their head examined. But what is really perking my curiosity is this completely un-scientific conspiracy theory that little old ladies are the reason for gold's historic bull market. And not massive Fed balance sheet expansion Just asking for evidence. Any evidence.... David in Liberty "

According to the World Gold Council, investment demand for gold is up around 300% since 2004. So, the steep rise in investment demand for gold seems to coincide with the rise in the price of gold.

In fact, for much of the recent bull market you could basically divide the total investmend demand for gold by 10 and it comes out pretty close to the price of gold. I think I'll graph it sometime to show the correlation - thanks for the idea.

Total investment demand for gold, 2004: 476.1 tonnes

Total investment demand for gold, 2011: 1700.4 tonnes

2005 WGC report (with data for 2004):

2012 WGC report (with data for 2011):

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