Goldman recently came out bullish on gold (previous post), so that's a factor in the current move, and another is that Wall Street often bases its decisions on TA / charts, and this big breakout is attracting attention. I figure numerous 'macro' factors are also at work, including the growing US debt bomb, the BRICS plans for their own gold linked currency to compete with the US dollar, etc. As we know, central banks have been piling into gold for years, so global demand grows and mining output has lagged.
So the 'stars + planets' are finally aligning to produce the big breakout. The professional 'gold bugs' are always bullish, and have their reputations and livelihoods wrapped up in the bullish side, via newsletters, book sales, etc. But it looks like gold's appeal is broadening, and some of the Bitcoin crowd might also be switching over to gold. Seeing gold being sold at Costco, and selling out within hours, may have also attracted some attention. And anyone who follows TA / charts couldn't miss the extremely bullish chart pattern that had developed.
Based on the charts, this move is probably just beginning. But as you said, the big question is when does the suppression mechanism kick in? If gold is allowed to run up too much it could reinforce an inflationary vibe and thus work against the Fed's goals. So we'll see how long the party lasts, but so far it's been fun :o)
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