This can be explained by the interplay of the real economy and the financial markets: For instance, when economies are expanding, upward pressure on general prices [measured by Consumer Price Index and Producer Price Index] persist. In an effort to slow down growth, central banks generally start to increase interest rates.

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The fact is we have massively underestimated the impact of investment fund flows into the sector.

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Going into 2006, we maintain our positive view towards gold and note that prices have the potential to top $600/ounce in the course of this year, strongly influenced by the still massive funds floating around globally.

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It would appear that the market is simply looking ahead to the tightness looming for later in the year.

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