"Hedge-fund managers and other large speculators increased their net-long position, or bets on higher gold futures, to the most since at least 1993, according to a report yesterday from the U.S. Commodity Futures Trading Commission.

The net-long position was 262,331 contracts as of Nov. 24, up 11 percent from a week earlier."

As I suggested, a lot is driven by speculation. It will all end in tears
I would not recommend investing in gold

See Dick and Charles' posts in this thread. Spot on.