Following a quiet summer, gold has just risen to four-month highs. BullionVault founder Paul Tustain puts the action in context...

USUALLY I tend to focus on the reasons to buy gold rather than the timing. Timing is not my territory. But as we approach the anniversary of gold's all-time high, my thoughts turn to ebb and flow of the gold market.

Last year, on 6th September 2011, gold hit $1920 per oz. It had shot up from about $1500 at the start of July, making new all-time highs almost daily. Three short weeks later it was back down at $1540. In sterling terms it was almost the same story,