I would argue that they are the marginal drivers of price. They faded the last move up and could actually get much longer here. That doesn't mean they have to or that a meaningful debt deal wouldn't take gold down in US$ terms, but it's the one asset that's appreciating across currencies and the largest bull market of the past decade. I'm with Richard Russell -- don't sell core gold holdings; add on pullbacks. Matt's point too for a long time here. (also doesn't mean you can't hedge in seasonal weakness or scalp when the conditions are right)