We wont see it hit $1200 because mining companies have already cut down supply. That's y all the job losses. All of them would have been planning this as the price was dropping to ensure their Top line stays above their Bottom line. People think it's price manipulation because they don't understand how a mine works. They have many ore blocks. At higher prices the low grade blocks can be mined with the higher grades but as prices drop the Labour costs don't so the mines have got 2 options, reduce staff or close ur high cost mines down until they become cost viable. Demand is = to Real demand + Paper demand. Supply = viable ore blocks, which is based on current Labour costs. Paper demand has been trickling out since the peak in 2011 with a healthy flush out in the last couple of months. People r saying that it is related to inflation. Rubbish! It has never been. That perception just gives it a boost during time periods when they r working together & then people can't explain it when it doesn't. That's because ur financial ninnies not miners. My guess is that it will skyrocket in the next few months as supply gets closer to Real demand. $1700 in July some time or maybe earlier depends on whether people's perceptions line up. Maybe $2000 by the end of 2013, if miners can't keep up & start trying to reinstate the workers they let go of. Economics 101. An opinion of someone who has worked in the offices of these corporates.