Most of this is new buying for the exchange-traded fund. That is playing a role in strengthening the market.

It certainly gives the idea that the Chinese might diminish demand for all kinds of goods, including the metals and energy. This raises concerns the Chinese might undertake a pattern of raising interest rates.

Everyone talks about a persistent production deficit, but at some point we are expecting supplies to move into surplus.

The gold market held its ground. That it stayed well above $600 in the face of the silver sell-off convinced investors that it's still involved in a bull market.

New buying comes in virtually every time gold turns around.

Oil prices and continued inflammatory comments from Iran are driving gold.