In modern times, no one party controls the price of gold. The gold mine industry would like to see higher prices. However, the electronics industry, which has an industrial use for gold because of gold's high electrical conductivity and gold's resistance to corrosion, would like to see a lower price for gold, in order to make more use of gold in place of cheaper materials that have inferior electronics properties. If gold mines try to raise the price of gold, the electronics industry will use gold in fewer electronics applications, thereby lowering demand for gold and the price for gold. If gold mines try to lower the price of gold, then the electronics industry will use gold in more electronics applications, raising the demand for gold and therefore the price of gold. To sum up, the price of gold in the long term is a supply-and-demand clash between gold mines and industrial users of gold. No one side in this clash has control.
how many dumb people can be convinced to horde or sell it ;)
Supply and demand.
the free market !!! lol jk its rigged man its riggeddddd :P