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Originally Posted by Antonio
there's a huge demand (Chinese banks, India - jewellery, USA investors and so on), also you should take into account that South African gold mining companies had reduced their production due to the stronger local currency (weaker dollar)
you don't have to take my word for it, do some Googling
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But what about the demand destrustion we are seeing in India where the higher prices are lessening people's interest in buying gold or jewellery... so just like oil where as gas prices rise, people trade in SUV's, drive less, wind power projects get funded..., there may be a natural collar put on the price of gold from less demand.