Why should Gold rise?

This is a weak market backdrop IMO. slope of hope going on here.

There seems to be stability happening in the commodities relative to the equities and the euro. I think the Chinese have finally come to the realization that QE3 is coming unless they start buying up commodities (oil, hogs, etc.). A commodity bear market gives Bernanke greater license to print. Gold and silver have bottomed and are ready for blastoff. I looked at the TIC report for the recent month. With the carnage that has occurred in commodities, I would have thought US treasury holdings of other countries would be down year over year. They are up big year over year. Even India with its crashing rupee has more treasuries. These guys have the cash in order to shore up their currencies and buy up stuff. I think they are doing that now though. Buy when stuff is on sale.

the backdrop for gold rising is quite clear and one that has not changed much in years

Gold buying countries are loosening monetary policies gradually. Vietnam just lowered deposit interest rates another 1% effective Monday. I wouldn't be surprised if China does some loosening pretty soon. India is the only one which has a problem. The rupee has gotten its {bleeeep} kicked in, so inflation might still be a nagging issue in India.

the backdrop for gold rising is quite clear and one that has not changed much in years

looks like a bear market to me. gold broke down today no buying.