Gold skeptic shows good timing

Jane Foley, of Reuters U.K., averred that Gold rally could start to tire. Her piece was web-published yesterday afternoon, and it starts off with a recent gold-skeptic talking point:

Spot gold prices are up over 40 percent year on year. Yet, according to the World Gold Council, demand for gold in the third quarter of 2009, dropped by 34 percent year on year. Of course, demand in the third quarter of 2008 was exceptionally high due to the financial crisis. As well, relative to the third quarter average of the five years to 2007, demand for gold in Q3 2009 was down 4 percent.

Her timing proved to be good: gold took a plummet early this morning.