In the last quarter of 2014, in the face of possible oversupply, Saudi Arabia abandoned its traditional role as the global oil market's swing producer and therefore it role as unofficial guarantor of existing ($100+ per barrel) prices.
Crude oil prices ended their worst month since the 2008 financial crisis after 3 events in a row knocked oil and other commodities for a loop. Those three events in order are Greece, Iran and China; and while I guess you can't call them "black swan" events, the timing of all three colliding at the same time led to the oil markets July swan song.
The U.S. Comex gold futures fell 0.48% last week and dropped a further 0.38% this week to $1,153.50 on Tuesday. The implied volatility of the gold futures has been falling from 21% in January to 11.5% currently in line with the decline in prices.