[Flows] Gold is grabbing some attention. Last November, gold took off and ran from $1,180 to $1,320. To some extent the initial move of November and December might be easily explained. Don’t forget that during this period the stock market was selling off hard and there was a fair amount of fear in the market. But why hasn’t gold sold off in the past two months as the fear subsided? That is a question now being asked by investors. Gold does often do well when US yields and the USD fall. But the USD remains strong. Whether it’s gold priced in CNY, EUR, JPY or AUD, it’s all the same chart - gold has had a strong rally in every currency. Gold is not going up because of US dollar weakness - it’s going up in real terms. It appears central banks are buying according to recent data.