The real driver of the gold price continues to be lack of selling, leaving a small volume of investment/speculative buyers calling the shots.

Despite the continuing consolidation, there are few gold sellers. Any pullback is already bringing buyers.

The funds like to ‘whip up the surf,’ which is where Iran enters the picture.

We are seeing forecasts of gold price rises moving towards four figures from hallowed institutions. This gold market is broadening significantly.

There is huge demand out there at the lower levels still, with the funds holding, but prepared to sell on the fall — that’s what consolidation is about. The resolution of these pressures can only...

The market lacks certainty and awaits something or someone to take the lead.

The drop in supply from central banks, added to the new investment demand from the E.T.F.’s (exchange-traded funds), and Japanese and investment bank buying, keeps gold driving forward, barely pausing for breath.