Well you probably know my (unoriginal) view, that gold is a hedge against Bad News. Around these parts we can see stormy waters ahead, and gold has been reflecting this since July, when it resumed its long, long upward trend. Up 8% in a month (more in Sterling), back towards all-time record levels. We called May an opportunity for a bit of profit-taking (though remaining long overall) & July a time to top up again, and so it has proved.
It's looking ugly for other assets, IMHO.