Eric Sprott has calculated that record gold demand in 2013 massively exceeds mine supply. This means that lower prices can only be achieved through a massive transfer of ownership. That is what is happening as the West sells and the East buys.
https://sprottglobal.com/markets-at-a-glance/maag-article/?id=8424

Broken Money, Broken Markets
Today’s new highs are increasingly mechanical, not fundamental — and in a broken market, your 401(k) is the exit liquidity.

