PMs to the moon? All it takes is one 'respected' mainstream equities guy saying he's out of performance and into protection. Everything is dead, I'm out. Closing his fund, returning cash, and going all to physical bars. It would have to be a very well-reasoned individual though, somebody they couldn't pin nutty on. And that's assuming anybody would let the message out to begin with.
Otherwise it's probably a slow grind up with explosive moments of strength and weakness. Like a time lapse death of a sun.
or a real kick off in the middle east? we haven't had any war based gold spikes for a long while either