An equally important question is that now that the public repositories have lost 30 million ounces in under 2 years, where has all that gold gone?

It would be realistic to assume that some has gone to China and the Far East since there has been evidence of such flows. Equally its possible that some of the gold that has disappeared from the ETFs and other products and sources has again gone back into private hoards or else is being accumulated by the official sector such as emerging market central banks such as the Russian central bank and the People’s Bank of China (PBOC