gold now $1765, page-41

Debts that can't be repaid won't be repaid. So default is the inevitable result. There is no other way out of it. And the default of such a massive amount of outstanding debt will swamp all efforts by central bankers to prevent it occurring. This is deflationary, not inflationary.

Yet virtually everyone is arguing in favour of rising risk asset prices, including gold, on expectations of increasing inflation due to endless central banker stimulus.

The percentage of traders bullish on gold in particular has reached extremes (currently 86% according to the latest DSI reading). Regardless of the fundamentally strong argument for rising prices, whenever the herd starts crowding one side of the trade a top is approaching.