There was a significant drive in Japan in recent weeks. People are very happy to be jumping on the bandwagon and basically riding the thing up.

We've seen gold break the correlation with the dollar in recent times. We saw gold strengthening even though the U.S. dollar was strengthening.

The funds are still happy to play around at these levels. They expect us to look to test the upside a little bit but I don't necessarily at this stage think we are going to do $500.

People will be eyeing $450 as the target. It may not be today. It will be very quiet in the States.

Geopolitical tensions continue to keep people invested in gold. People are content to be long in precious metals than the dollar, or other investments.

Venture capitalists are like lemmings jumping on the software bandwagon.