Both are ludicrous theories. Suggesting that gold's spike on Friday was because of hurricane Irene is just an example of desperate shorts grasping at straws to explain the rebound in gold. Here's a more logical explaination: You were duped. That's right, you were duped. By who, you ask? :by all the media pundits who, in covering the sharp rise in gold prices, openly speculated that gold might be a bubble.
The truth is, Fiday's rebound was simply a resumption of an upward trend that will continue as long as money continues to be printed, sovereign debt puts currencies at risk, and economies continue to falter. It's that simple.
The so-called "head and shoulders" chart on gold that keeps getting referred to ad nauseum, was itself created by the same media-driven selloff and is thus, null and void.
The desperate shorts who feel the need to spam this board with the minute by minute gyrations of the pre-market prices of gold, are just hand-wringers who are worried Friday's reversal in gold prices will continue....well, they are right to be worried.
Not gonna happen....good luck, see what you say when this thing really corrects. I have been long and only recently opened my short positions. Long only a fraction of what I did own. Good luck..it's what makes markets.