My bet is that vast sums of European money are being moved in to US dollars. This has slowed the rise of gold temporarily.
Ther has been a number of margin calls and rising minimums pushing the quick highly leveraged investors to the sidelines
Maybe due to various controls being placed on precious metals in Europe? Or is it just that Europeans have experience and want to hold a stronger currency until things settle out over there?
The dollar is the strongest it has been in a while. US bond yields have risen, too. And commodities are declining on reports of increased supply.
That is what I have concluded also, and I believe it will continue for 6 to 18 months. The total failure of the Greek credit system will end the fall and I think we will see gold jump.