I see little chance of a larger correction to gold price unless the economy starts a miraculous recovery, which I don't believe in. Peak oil is still the most relevant problem that probably won't go away easily, next decade the earliest. Energy is the backbone of the whole economy and the gradually and slowly rising energy prices are a major source of friction in the economy causing everyone to take on more debt. Players in the economy are desperately trying to sustain growth while fundamentally there can be no growth because the energy to support that growth is simply not there.

Thus the problem is much deeper than many realize, in the current situation every time the economy "recovers" oil demand spikes and then oil prices spike causing another major crash. In fact the crashes get bigger every time, with the world being still so dependent on oil. I expect that what we saw in 2008 will be small once we hit the next cycle.

I expect the economy to do a larger fake recovery soon, but then we will go much deeper than in 2008. Simply because not enough has been done to reduce dependency on scarce resources such as oil. Global oil production hasn't increased since 2005 most likely, yet demand keeps going up thanks to China and other growing economies.

Gold bugs know all of this and will certainly feel more safe with gold than USD. Even though I'm quite bullish on Bitcoin long term, I still hold significantly more value in gold than in bitcoins. This could change but slowly, over a period of many years. Once I feel more confident about the economy and the state of Bitcoin I might consider changing more gold into bitcoins.

And yes, the most important aspect for the price right now is the demand for securitized gold—that demand is waning.

coal can be made into oil, good for another 300 years

peak oil is n#1 scam

peak oil what a scam

coal can be made into oil, good for another 300 years

thorium reactors, product substitution, tram systems, actual city planning

peak oil is n#1 scam

Price can solve that ...

I see little chance of a larger correction to gold price unless the economy starts a miraculous recovery, which I don't believe in. Peak oil is still the most relevant problem that probably won't go away easily, next decade the earliest. Energy is the backbone of the whole economy and the gradually and slowly rising energy prices are a major source of friction in the economy causing everyone to take on more debt. Players in the economy are desperately trying to sustain growth while fundamentally there can be no growth because the energy to support that growth is simply not there.

Global oil production hasn't increased since 2005 most likely, yet demand keeps going up thanks to China and other growing economies.

And all you guys rambling about an energy crisis: Are you aware that the past 20 years we have been able to find economically extractable oil faster than we are getting it out of the ground? I suggest you look into these numbers before continuing your ramblings: