It's another confirmation of the 2011 theme: Money coming out of gold.Now that we've had a 2-year rally of 100% in the SP500, it's a natural emotional reaction for investors to chase what has been working lately.
I mentioned a couple of weeks ago that investors were fleeing bonds for stocks. Now add gold to the list.
Of course, there are some external events (that we all know about for now) in the Middle East. If something unexpected happens, that could send folks back into metals. In addition, we also have inflation numbers starting to move up.