Lemmings buying gold

There is no such thing as a sudden need to turn to gold.  Warren Buffett says gold is a useless industrial product and he is not wrong.  But what he fails to comprehend is because of its relatively rarity and government cannot print or manufacture it, gold has been used for a long time as a value denominator.

But why has it suddenly jumped to over USD$1620 per oz?  This kind of leap can only be attributed to central banks or speculators or a very wealthy hoarder or two.  This kind of bounce is dreadful because it is artificial.  It will mean gold stocks will also rise on Monday but you really wonder why there is so much short term emphasis on POG.