If the U.S. government officials can come to meaningful agreement on taxing and spending matters in the coming weeks, which is still highly debatable, then it would be likely that a heavier flow of speculative money would flow into risk assets.

FORBES: P.M. Kitco Metals Roundup: Gold Ends Firmer on Short Covering and Some Fresh Speculative Buying Interest

Easy monetary policy in America also creates the incentive for further speculative money to flow into emerging markets via carry trades and other strategies.

ECONOMIST: A bearish perspective on the market in 2011

If crude oil prices continue to trend higher in the near term, that could spark fresh speculative money to flow into the raw commodity sector, including the precious metals.

FORBES: A.M. Kitco Metals Roundup: Gold Near Steady on Consolidation; Bulls Gain Some Technical Strength

Importantly, if crude oil prices continue to trend higher in the near term, that could spark fresh speculative money to flow into the raw commodity sector, including the precious metals.

FORBES: A.M. Kitco Metals Roundup: Gold Weaker on Technical Selling, Firmer U.S. Dollar Index

It is likely that fresh speculative money that had been on the sidelines is now starting to flow back into risk assets like raw commodities, albeit at a cautious pace so far in January.

FORBES: A.M. Kitco Metals Roundup: Gold Higher on Short Covering, Bargain Hunting, Uptick in Risk Appetite