The majority of people who hold precious metals as a hedge against a falling dollar won't sell at market price until they see a resolution of the debts of western nations.
Mainstream media, the majority of the public and value investors all believe that the precious metals are in a bubble. But that is because they do not understand the foundations underpinning a move into hard assets.
In this regard there are two camps:
1. The camp who believes that we live in a grand new world where governments can centrally plan economies better than the free market itself and where acceptance of government-sponsored, unbacked fiat paper monies is just a normal, unquestioned part of life.
2. The camp who sees central banks as being artificial and dangerous and who are quite surprised that this era of unbacked fiat currencies has lasted this long (nearly 40 years since the "Nixon Shock" on August 15, 1971)
http://www.silverbearcafe.com/private/04.11/who.html
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