Bulls cite the underlying fundamentals for gold, including the ultra-loose monetary policy by most global central banks as keeping the gold supported for the time being.

FORBES: Metals Outlook: Getting Ready For Last Full Week Of Trading For 2012

Mr Carney said there was room "within the framework of flexible inflation targeting that exists in most advanced economies", for central banks to achieve monetary stability over the appropriate horizon.

BBC: Davos 2013: A 'sigh of relief' at the World Economic Forum

Most governments and central banks have, for many years now, been obsessed with keeping some sort of lid on rising prices.

BBC: Q&A: Inflation changes

Well, it is yet another promotion for a Goldman Sachs alumnus (the two most important central banks in Europe, the ECB and the Bank of England, will be run by former Goldman managing directors).

BBC: Why Osborne went to Canada for his governor

The solution is for central banks to buy more assets in the markets that are most obviously impaired.

ECONOMIST: Central bankers wonder why success eludes them

Tomorrow morning, while most U.S. investors are sleeping, the European Central Bank will be making dreams come true for beleaguered European banks.

FORBES: Putting a New Twist on the ECB Extend and Pretend Game

With most governments unable, or unwilling, to offer more fiscal stimulus, central banks are left solely responsible for propping up the flagging recovery.

ECONOMIST: Global economic policy