Many knowledgeable industry participants identify market giant Goldman Sachs as an overshadowing dominant player on the sell side since the gold price peaked last October. The odds now favor a very different official seller than in the past that, for some reason, may be selling principally through Goldman Sachs, instead of the orthodox method through the big banks. Well-known gold commentator Bill Murphy places the blame squarely on the shoulders of Fed Chairman Alan Greenspan and the U.S. Treasury. Murphy says the Fed and the Treasury are in the market to help well known hedge funds and gold producers from getting mortally wounded by a gold market that explodes to the upside. Every market from bonds, to shares, to commodities, to gold goes through cyclical phases.
Bull markets become bear markets and bear markets become bull markets.
Those that think gold will stay down forever are the same that think the stock market will go up forever. Again back to friend Frank Veneroso. Think of speculative market investors as players in a game of musical chairs. However a speculative stock market is really unlike musical chairs in one critical aspect. An investor takes money out of his pocket to buy stock.