I think this demand-destruction idea is being a bit overdone at the moment. The stocks numbers were very bearish, but I think that it's still difficult to read through a lot of this data noise.

Rising U.S. (crude) stocks could put a bit of pressure on prices, but I suspect we are at the time when stocks will stop rising and will start falling soon.

There's a little bit of dollar weakness, and that's giving gold a lift.

All we need is a bit of a cold snap and suddenly it could easily push back up. We're still in that lull period where the summer driving season is over but we haven't hit peak winter demand.