Excess liquidity is causing people to get overly excited and bullish about different areas of the markets.
The risk is that people tend to get bullish after weeks and weeks of the rally have gone by and they end up buying at a top.
For the most part, liquidity is flowing into the energy sector. I think oil is going to 200 or $250, but there's going to be some corrections along the way. People are also becoming over-the-top bullish on uranium.
Even though the correction in gold has been very mild, because it's gone on for so long, sentiment has become bearish. People think it will never rally. Too many months have passed with frustration after frustration due to a long stretch of trading sideways.
When gold's correction or consolidation is done, gold's going to break out above all-time highs.