On June 20, 2012, the Federal Reserve had their big meeting of the FMOC (Federal Open Market Committee). The Markets had been pricing in a new round of QE3 where the Fed was going to start again buying Treasuries directly in order to inject liquidity into the markets. The markets ran up in anticipation;  as did commodities like Gold and Silver. The markets sold off once they realized that QE3 was not in the books and they have been choppy ever since, but gold has enjoyed a mini-rally in the past few weeks even as other commodities have plunged on continued concerns about the health of the global economy.

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