Gold also saw little reaction to that news.

FORBES: Comex Gold Ends Slightly Higher as Trading Remains Choppy

The gold and silver markets showed little reaction to some fresh, upbeat Chinese economic data released Friday.

FORBES: A.M. Kitco Metals Roundup: Gold Slightly Down; Little Reaction to China Economic Data

The gold and silver markets showed little reaction to news reports at midday Wednesday that Israel and Hamas had agreed to an Egyptian-brokered ceasefire.

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Regardless, initial market reaction was negative with stocks and gold falling sharply.

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The second reaction is that auctions raise fool's gold.

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If we know what is inside the ETF, the mixture of gold bars, mining shares, options and futures, (and these things are published) then we can predict how the ETF price is going to move in reaction to that change in the price of gold.

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Going by the reaction we got in the middle of the street we had struck 'psychic' gold.

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While this reaction may have been an over-exaggeration, as Dennis Gartman noted, players in the gold market seem to have placed their bets on Bernanke and additional monetary easing.

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This last trend, that of gold as an alternate monetary asset, will be furthered by nations seeking to diversify their reserves as a reaction to a falling dollar with an uncertain future ahead of it.

FORBES: Bullish On Gold All The Way To $1,600