While it doesn't seem to have hit the popular headlines, gold has made a powerful breakout from a period of sideways trading, achieving new $ highs. It's also looking good in all major Western currencies except the mighty Aussie dollar, and of course looks best of all against sickly Sterling.
Most notable, from my perspective, is how tight has been the bid-offer spread in the early stages of this move (only just losing its shape a bit today). To me this suggests (a) some very purposeful buying, and (b) the big players have been confident that this is for real.
There is of course no end of conspiracy-rumours concerning the gold market but I have none of my own to offer, merely the observation that it seems entirely possible this is a distorted market in which Someone probably knows exactly what's going on. So it's hardly without its risks.
In the meantime I repeat my own modest (and hardly novel) theory: gold is a hedge against Bad News, not inflation: so watch out for some more Bad News ... Oh, and the usual declaration of interest - long ! (physical)