You may be right O.F. although i always have suspicions when it comes to coordinated action from a large number of actors having divergent interests .

In tghis case maybe your theory is right as it involves large US banks but i remain suspicious .

The way i see it " today's fear " is that a slowing down of growth in China and emerging markets would impact the major engine of world growth thus reducing need for commodities , we must also include to the equation a comment made earlier by a IMF oe ECB official ( sorry i don't remember exactly ) about gold related standard to currencies .

From memory that guy said earlier today that we could'nt go back to a gold standard currency as it was implied by some after a comment he made earlier this week regarding gold acting more and more as a safe haven against currency devaluation going on worldwide . His first remark might have ecourage gold speculators to increase their position .

But when i said this was a temporary affair i related to the inevitable return imo of currency war in a not so far future considering the lack of will to control currency devaluation following theG20 meeting .

To me the result of that meeting is an obvious stalemate in coordinating efforts to deleverage from quatitave easing among G20 partners due to conflicting interests .

Imo emerging or emerged markets as we please to call them now , will maintain high growth level and benefit or " suffer " from flowing capital and will need to address a growing inflation rate , i guess they will use different strategy in order to control the hot money as well the CPI , but higher interest rates and restriction on anks capital requirements will be in the picture among other measures .

In the end that inflation will have to be pased into export product prices wich will impact importers and maybe reduce the imbalance in trade in countries like the US and some other european markets .

But i don't believe the price of commodities will go down over med or long term as i believe the emerged countries have sustain a high level of growth to maitrain political stability and their population expectations .

Sorry for the late aswer i was out .

Regards !

Tec