I guess the recent taxes on PM’s in many states is also a part of keeping the demand low. Make it unattractive to hold.
State Dept. Cable Confirms Gold Futures Market Was Created for Price Suppression
goldbroker.com/news/state-dept-cable-confirms-gold-futures-market-was-created-for-price-suppression-1070
TO THE DEALERS’ EXPECTATIONS, WILL BE THE FORMATION OF A
SIZABLE GOLD FUTURES MARKET. EACH OF THE DEALERS EXPRESS-
ED THE BELIEF THAT THE FUTURES MARKET WOULD BE OF SIGNIFI-
CANT PROPORTION AND PHYSICAL TRADING WOULD BE MINISCULE BY
COMPARISON. ALSO EXPRESSED WAS THE EXPECTATION THAT LARGE
VOLUME FUTURES DEALING WOULD CREATE A HIGHLY VOLATILE MAR-
KET.
IN TURN, THE VOLATILE PRICE MOVEMENTS WOULD DIMINISH
THE INITIAL DEMAND FOR PHYSICAL HOLDING AND MOST LIKELY
NEGATE LONG-TERM HOARDING BY U.S. CITIZENS.
wikileaks.org/plusd/cables/1974LONDON16154_b.html
h/t McDonald Trunalimunumaprzure