Ann: MORE BROAD WIDTHS AND HIGH-GRADES FROM BANKAN DRILLING, page-218

Yes I understand your theory. And the inflation hedge theory. And all the other gold bull theories. But the majority of the expansion in the Fed Reserve balance sheet that you refer to is now almost 18 moths old and has continued to grow at a much slower yet steady pace for the last 18 months. Yet the US10Y isn't significanty different from where it was 5 years ago. Inflation is high. Real rates are negative. Yee t thUS dollar is basically worth the same as it was a year ago and gold is minus 7% against the USD over the past year, As I said, old paradigms for gold are broken.