I have just read a very interesting article whose hypothesis is that energy prices, specifically oil, is the fundamental driver of gold prices. Proof comes from the two great waves of gold price rises in the seventies and the last decade, driven it seems by two great waves of oil price rises. I think there is some merit in this arguement. If correct it would mean we will not see a new bull market in gold until the American shale oil boom collapses and global oil production retreats. The former has just begun, the latter is struggling.