Gold prices have soared to all-time highs despite a demand paradox
Consumption in Asia has slumped but investment and speculative demand in the west has soared
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INVESTMENT and speculative demand mainly in the US and Europe have pushed the gold price to all-time heights of almost US$2,000. In contrast, consumption in India, China and the rest of Asia has slumped.
The result is that gold is flowing from booming mines through to refiners towards the west instead of the east, historically the bulwark of gold demand.
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