From Mineweb:

The financial crisis is now a year behind us and so far with very little inflation (which won't last long) it is unusual for gold to be acting so robustly. Usually when one sees a stock or a commodity going up when most of the usual reasons for its normal price behavior are absent, it signifies new, powerful and unknown force(s) have entered the marketplace.

There are four new forces that were not present in past cycles:

1&2) Central Bank and Sovereign Wealth Funds buying bullion discreetly and in an orderly fashion. With the recent Indian purchase of 200 tonnes of IMF gold this force is now out in the open.

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