But for months now the unusual developments have been piling up so much that it may be possible to regain some optimism.

There are indications of a shortage of metal not just at the New York Commodities Exchange, where for months now most contracts have been settled through a supposedly "emergency" procedure called "exchange for physicals," but also in London, the hub of the world gold market, where the usual flow of metal to Switzerland recently reversed, with metal flowing back to London amid increasing demand.

This corresponded with announcements of gold acquisitions by central banks that had not shown any interest in gold.

For months, the usual central bank-inspired smashes in the gold futures markets have not been having much effect, even as Gold Anti-Trust Action Committee (GATA) consultant Robert Lambourne has reported increasing intervention in the market by the Bank for International Settlements.