$1650 gold, page-5

Although the Fed have indicated they have no intention of introducing quantitative easing in the immediate future, I do think they could start increasing the money supply at some stage in the next 6 months.

But if you look at the data coming in, there's clearly no sign of inflation at present and the risk lies with deflation (hence the reason for suggestions of QE).

BUT... there is usually a lag of several years between increased money supply and inflation. In this sense, gold currently represents something people hold because it is safer than equities and low yielding bonds/cash - not a hedge against inflation.

It will not become a hedge against inflation for 3-5 years in my opinion, at which point it will be worth a figure ($/ou) that I think people will find hard to believe.

But if TON actually find what they're looking for, they will be proving-up a very nice resource at precisely the right time :)