Don't believe the gloom and doomers. The Fed is jawboning to raise fears about higher interest rates, which often causes gold prices to fall (along with other metals). Even if they raise interest rates, historical facts show that higher interest rates do not cause lower gold prices. Gold and metals prices tend to go up with interest rates, because the Fed is too slow at increasing rates, and inflation rates (expressed in metal prices) will often exceed the rate at which the cost of money goes up...for years! Historical fact!

In the current market, paper gold (and silver and some other metals) appears soft because it is the paper markets that are suffering. Physical demand is screaming higher, putting I think a floor under the prospect of a sell off, and perhaps fueling a new spike in prices.

Besides, interest rates alone are not the only factor pressing on metals prices.

http://www.mineweb.com/mineweb/content/en/mineweb-gold-news?oid=224249&sn=Detail

Note also the government mints in the U.S., Canada, Australia, China and elsewhere experienced record demand for coins in the last year. This may have softened some towards year end, but demand remains strong.

As to base metals (and declining supplies 'mist strong demand)...

http://www.mineweb.com/mineweb/content/en/mineweb-fast-news?oid=224241&sn=Detail

Now, we just need to prove that we have abundant and cheap-to-mine resources at Hay Mountain. Just a small step coming from the pending drilling program.