Gold vs. Gold vs. Gold

The price of an ounce of gold has risen 28% since the beginning of the year. Normally this activity is a result of investors fleeing to safety and/or a concern about inflation. However, we are also seeing equity markets hit all-time new highs.So the question I ask is this... Is the rising price of gold a result of capital seeking a safe haven or by-product of the massive amount of new money supply?