The Cork Board

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Gold jewelry purchases are the only driving force in the consumer market.
And sales are down.

http://www.wealthdaily.com/articles/dubai-gold-jewelry/2021

With Bernanke purchasing $85 Billion in securities each month since September 2012 there would be a relative incline in gold price.
(I'm wrong and I hate when that happens)
Generally, fear is down, the VIX is 13.88 yesterday and that's a low dating back to April of 2007!

The Dollar Index is relatively neutral/unchanged since September's launch of QEII:
78.6 low on Sept. 15
81.45 high on Nov. 17
79.55 yesterday, Feb. 4

Considering that the price of gold should be $1650 before QEIII,
The M2 Money supply grew only 1.2% since Sept. ($85 B/month)........
http://ycharts.com/indicators/m2_money_supply_growth/chart#series=type%3Aindicator%2Cid%3Am2_money_supply_growth%2Ccalc%3A&format=real&recessions=false&zoom=5&startDate=&endDate=

(Gold price is $1669 today.)

We gold bugs need a driver.....
The machinations of the Federal Reserve and big Ben are bringing a modest sense of security to the World economy.
My guess this is the eye of the hurricane or just half time, a black out, in the Super Bowl.