Let's face – nobody knows what the hell is going on with gold right now. Since it's summer highs, the price of gold has been dropping and generally following the trend of the overall market. Which is really, really weird from a historical perspective.

Gold isn't the only commodity tanking right recently. Oil has dropped significantly of late as well, as have copper and silver. The list goes on.

At the end of last week, though, something snapped. On Friday, the gold spot price jumped 7%, briefly topping $800 an ounce for the first time since September, and pulling up the prices of gold producers and ETFs with it. The chart below for GLD (which closely correlates to spot price) tells the story well.

Of course, the market in general was up several percent on Friday as well, so there may not be much of a break from recent trends. It's possible, even likely, that the 50-day moving average (DMA) will prove to be a resistance, and gold could easily fall back, especially if the dollar continues its current bullish trend. However, Friday's action also could be a paradigm shift in how markets are looking at gold.

One possibility that a few pundits have posited is that hedge funds have liquidated all or most of their gold, and there simply isn't any more selling pressure out there. However, the RSI for GLD doesn't seem to indicate an extremely oversold position, but it may be that such indicators do not work for commodity ETFs as they might for the actual commodity.

For my own part, I still see gold as a somewhat risky investment at this point. The dollar is still bullish for the intermediate term, and anomalous though it may be, gold hasn't really broken out of its recent alignment with the general market. Maybe we'll get a clearer signal soon, but for now there's no good reason to buy a new position in gold.

One last thought: Apparently the price of gold coins is going up faster than gold itself.