Comment Re:Sell now. (Score 1) 371
According to this document linked to from your page world production of gold has increased by a factor of almost 7 over the last century, which is a significant increase, especially since as you say, price has not changed really at all (ignoring the large increase in the last five years, the price/ton in 1900 was the same as in 2005). This seems to indicate price is set by the demand side; also it seems to show consumption has increased by a similar factor, so more gold mined means more gold used.
The last few years however show a huge increase in price without any increase in production or usage, which does indicate to me that speculation was driving the price - the recent crash supports this.