There's definitely more buying in gold, obviously on inflationary fears. The funds have continued to buy.

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.

There's a severe lack of interest in Asia. There was some physical buying on the dips down. That's started to dissipate.

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.

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

Certainly commodities seem to be the flavor of the month at the moment and the funds have continued to buy.