Very clickworthy interview on precious metals with Miguel Perez-Santalla, vice president of sales for Heraeus Precious Metals Management. Key points for me:

• The greatest consumer of gold in the world is the jewelry industry. Now the jewelry industry has come to a basic standstill with the price over $900/ounce because the consumer does not want to buy
• As of late, we have seen investor demand start to liquidate, I think, because over the last few weeks we keep bumping our heads on the ceiling and [investors are saying], jeez, there doesn’t seem to be any more upside potential here.
• I remain bearish overall for the metals in the short term, and I expect to see gold, for instance, come down into the low-800s.