Just read Thomson's analysis.

What I miss in his analysis is the demand from China in both the precious metal and PM miners market. It is not just the "us little heroin addicts" community that is creating demand. There is a much stronger force on the demand side behind us, which has a serious agenda by its own. That demand is probably big enough to outplay the derivative play by the bullion banks and associated hedge funds.

At least, that is why I hope it is different this time.