During gold’s bear market from 2011, the flow of gold out of ETFs drove
the popularity of the West to East narrative not just among goldbugs but
also bullion market professionals. It was a life raft I suppose that
many clung to, to find hope as the price relentlessly fell,
notwithstanding how much gold was flowing into “the East”. Today,
investors have abandoned the raft as they step out on to the terra firma
of $1050 and stagger about basking in the lush tropical greenery of a
rising gold price. Read more here.