Grant Williams: The gold price is not the price of gold

Grant Williams of Vulpes Investment Management in Singapore, editor of the "Things That Make You Go Hmmm..." financial letter, covered gold extensively in his presentation May 21 to the CFA Institute conference in Singapore, remarking that in April gold had come under "mathematically inexplicable pressure" and concluding that "the gold price is not the price of gold" -- that is, the gold futures market is not necessarily the market for real metal. Williams didn't quite say that the gold market has been subject to government intervention meant to propagandize and frighten, but the point probably will be understood by anyone except maybe developers of resort properties in Argentina's outback.

Williams' presentation is titled "Do the Math" and is posted at YouTube, and while at 49 minutes it's long, his review of the world economy is incisive and entertaining and those so inclined can skip to the gold section at 33:30:

http://www.youtube.com/watch?v=Osq1yxSFVG0