So, which stage are we in?
I see us in late Stage 2. China quietly accumulated gold last spring and the banks that had been short gold by way of derivatives- JP Morgan, for example, have just recently taken long positions in metal futures which have the effect of covering their shorts.
I don't think the last train has left the depot yet, but if you hear talk on Letterman or Oprah, that's the conductor yelling, "All aboard!"