well the same ones that are always responsible ...the paper traders
Fact is worldwide average gold production grades are dropping now average 1.8g/t (30yrs ago 4-5g/t)
The global gold investment demand is growing exponentially, while physical gold production in several important nations is flat, in decline, or in South Africa's case in steep chronic decline due to horrendous mismanagement and stupidity. It all adds up to shortage of supply and much higher physical gold price. Observe the reduction since 1970 from 2600 tons of annual SA output, while the SA share of global output has fallen from 80% to 15%.
http://www.silverbearcafe.com/privat...groundhog.html