olga fell into a bear market in april, and it is below the 2011 peak -- gulbis fell into a bear marketl. market.fell into a bear sellinghat kick off the ? >> there are high-profile moves that added to bearish sentiment. since january, we have seen a 31% plunge of the 13 biggest exchange is, and it is favored by some because they are easier to trade -- back exchanges, and it is favored by some because they are easier to trade. >> thank you very much. we are going to stay with gold and bring in scott carter, and he is the ceo of lear capital. see you.eat to the prices lower. are you seeing decreased demand for the physical hard asset? >> actually, no. we have seen an increase in the demand for this ago gold, and it has been that way all year. this is not necessarily pertaining to physical demand. >> who is buying? gold.na is buying india is buying gold. individual investors in those markets are buying gold. are moving onars a ship from the west to the east? >> it is being melted down. heavy bars are being moved over, and the central banks are picking it up and putting it in their invento