I often follow the stock in Geiger Edelmetalle, since they show the coins they have and the number of each when you place your order. Here's a screenshot of four fractional-ounce coins that I have found to be out of stock in gold rallies.
This is the British sovereign. This is a coin that is also depleted quickly due to its national origin (it is interesting to own national coins since they are the most accepted ones in their respective countries).
Lastly, we have the Swiss Vreneli 20 francs, another popular coin and usually found in ample supply.
Were these four coins missing, along with some of the one-ounce coins, I would be inclined to say that there is physical market pressure on the price. However, as we can see as of April 5th, the four coins remain in stock. I think that sustained high prices (with a record in EUR) have provided shops with more stock, and physical market pressure is relieved.
However, a good strategy when investing in gold is averaging on the downside. With the metals plunging during two straight days, and gold price not that low since January, it was time to raid a shop. This does not mean that I think it won't continue sliding. USD1500 is fully believable. It may coincide with a market-wide spring
sell-off in a deflationary context, and in that case the drop might be
much larger. The chart in EUR tells me there is some barrier at EUR1350 that gold was not able to cross and, thus, it has to take a breath. On the other hand, the problems in southern Europe lurking, are poised to surface again. This has been proven to be true, at least partially, with today's EUR dumping across the board. At that time, it was clear that the minimum for the day was in (assuming normal trading). The elements for averaging on the downside were on! The price per ounce I got yesterday was EUR1265 (Krugerrand, not in Geiger). Today it is EUR1282, not a bad deal!