Fall of American Dollar and Japanese Yen lead to rise in gold prices. Gold's correlation with the dollar will always exist. Most of the times they move together but in different directions.
Gold is trading high these days in the band of $1,536 - $1,540 and is 0.2% higher in U.S. Dollars though it has fallen against Euro and other currencies but still it will be considered as a safe investment.
The things that are going to keep pushing gold higher are the inflation in emerging markets like India and China and further sovereign debt crisis in Eurozone and US.
Japan's economy is also going through tough courses, Moody's may downgrade Japan in near future which may lead to a government funding crisis for heavily indebted Japan. Recovery seems far away.
Fall of U.S. Dollar against other currencies is another reason everyone moving towards the safe-haven (gold) rather than the currency trade or hard-asset trade in other economies.
On the other side, Silver didn't shine that well in May. It was down by 19.5% in terms of dollar.
Analysts were continuously warning about the correction in Silver prices and its short term volatility to the people attempting to trade in Silver.
Silver's sell off was due to the massive concentrated shorts, short squeeze, unprecedented margin increases and increasing investment & industrial demand for silver.
Silver may be rewarding in future for the people holding silver bullion coins and bars.