OK BH! I'll take your word for it regarding increasing volatility, but isnt that characteristic overlayed on top of the fundamental characteristics? That is, Indian buyers being prime movers of the market? I dont think significant changes have yet occurred to change this characteristic (ie; CB buying, sustained investment demand).
The gold market has handed me my head in May 06, March 08, and I think I can hear a guillotine being sharpened around the corner now for another execution between now & May.
I hate to admit it, but Im tending to agree with Nadler more and more these days!