2012 should be brilliant for gold ....

If this view from Jefferies strategist David Zervos is correct.

"Looking to 2012 the trading landscape will get more complicated. A set of European sovereign defaults, exits and currency reintroductions will presage a massive global central bank easing effort combined with the eventual emergence of Eurobonds. We will see the execution of the mother of all Bernanke puts in 2012. There will be no Lehman bankruptcy event in Europe, but rather there will be a slew of Fannie/Freddie nationalization events. And these may in turn produce a few high profile nationalization events for the US and UK. Seniors, subs and equity in all effected financial institutions will be at risk. And while there may be some excellent opportunities to play for the risk-off theme, the end game will be a massive rally in risky assets as monetary policy accommodates at an unprecedented rate (think QE3 in mortgages and Eurobonds)."

At http://www.businessinsider.com/david-zervos-on-the-incredibly-complicated-year-2012-will-be-2011-12#ixzz1h1YZ0330