http://www.zerohedge.com/article/guest-post-uncle-scam

Submitted by David Galland at Casey Research

Uncle Scam

The latest data on global gold trends, Q2 2010, just popped into my email box from the World Gold Council.


The bad news is that the higher nominal price of gold has caused a 5% decrease in jewelry sales over the prior year.


If you’re thinking “Hey, that’s not that bad!”, you’d be right. On this date last year, gold closed at $950… which is $286 below where it trades as I write. In other words, a 30% rise in price has resulted in a decrease of just 5% in jewelry sales.


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