Gold’s recent surge to record highs has not been accompanied by the usual market actions explaining its advance – instead, different factors are at work, says James Turk, chairman of GoldMoney.

He notes that the US dollar remains trapped within the same range it has occupied for several weeks. Nor, he says, has gold been tracking other commodities, as evidenced by the CRB Index, which remains below last month’s high. Oil and even silver have not been able to better their highs from October – at least not yet.