Impetus for the mania phase in gold

"Based on the evidence from the 1930s and 1970s gold rallies, I believe the current gold rally has not yet had its best period – it is still to come." For gold to rise to levels significantly higher than the recent high of US$1920 an ounce, a new impetus is needed. Without additional energy from such an impetus, gold could just trade sideways for a very long time, or even fall further. There is only so much value in the world economy, and it is split between all the different instruments (like gold, silver, stocks bonds, etc.) where value resides. For gold (and silver) to rise significantly, relative to other instruments of value, value will have to be diverted away from those other competing instruments. The printing of more money does benefit gold, but it does not necessarily benefit gold more than other assets—such as commodities, for example.