a quick answer is the gold etf buying has slowed down...the central bankers are picking up the physical bullion buying slack however...the chinese have all but taken their gold production off the market.. it can't be exported at the very least... as of the last months russian data they are on pace to buy up their annual gold production... kazhackistan almost likewise

only self satisfied pompous idiots like those in canada who keep patting themselves on the back for the previous governments efforts to marginally tighten up the economy before the cds crisis hit are not buying gold.... everyone else seems to be conspiring to get the greek spanish and italian gold.. we'll see