The Slog has always maintained that, left to its own devices – and without QE to pump up the Stock Market – gold would be up around $4000 an oz right now. Yesterday, I posted to show how the unsubtle daily price movements were part of the price-suppression applied by Central Banks and the Fed, over many years, to dissuade escapees from overpriced stocks.

Just as in 2010-11 they were forced to focus on other equally expensive ruses (and thus let the gold price move up) so too, from here on, the imminent sovereign and banking disasters in Europe will force the fiddlers to give gold-capping a lower priority.

The World Gold Council confirmed that yesterday (and yes, they would say this): ‘gold will act as hedge against possible coming dollar weakness, and gold will act as a “currency hedge in the international monetary system.”‘

So as that young scamp Delingpole says (and he is always right about everything, which he must be, because he says so, QED) gold Bears are talking bollocks.

This is not financial advice, because you need to be a regulated crook to give advice, but should you decide to be sensible as opposed to a cloth-eared twit about this, buy bullion only: bank trackers are worth as much, ultimately, as all the rest of the toilet tissue they peddle.