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This is the presentation I gave at Mines & Money in London in early December laying out why I believe the gold price is languishing despite a wealth of what would ordinarily be positive catalysts. Currently, outside those who focus on precious metals, there is an enormous amount of apathy but, I suspect, that apathy will shortly turn to enthusiasm - an enthusiasm which will expose the rift between paper prices set in NY and the structural changes undergone in the physical markets over the last several years. But for now... Nobody Cares.