The spot gold price has entered a time window that over the past 5 years has been very bullish. This is most clearly evident from the information in Chart 1, which shows the average monthly return over the past 5 years, being from 2009 to 2013 inclusive. The average return throughout the month of August is a standout at 5.52%, well above both its nearest rival of July at 2.98%, and the monthly return across the entire sample at 0.67%.