Hutch : I am, indeed, looking at the components --- especially Euro and Yen. And, as you say, there have been mini-bull markets in gold in those countries just because of the currency devaluation.
As I have pointed out, POG in SDRs is an approximation to what one really wants to know, which is an average of the gold price in the various currencies in relation to turnover in those currencies. Consider, if you will, if no gold was purchased in dollars then what would be the point of measuring POG in dollars?! So, what is required is a complete index of turnover everywhere (value times velocity) for gold and not just POG in dollars.
You ask : "What happens when GOLD priced in Euro's hit's a max, and they start selling?" Indeed. When that happens the currencies rise in value against the dollar and the mini-bear market in currencies is replaced by a mini-bull in dollar denominated gold. This to-and-fro takes place all the time. What we (I presume) are both looking for is a an overall index of the price relationship of gold to all currencies. That is why I suggest that you look at the SDR/gold relationship as it is and not attempt to dissect its components.
And, when you study the moving average of the gold price in SDRs it looks like it is turning upwards. That's all I am saying.
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