The current strategy of quantitative easing would on balance of probability present inflation as the more likely side effect. Inflation is a driver of POG so I think the long term risk is higher POG. The BOE I remember sold a lot of its gold reserves near the bottom of the cycle around $280 from memory off a low of around low 200s. Good move some said to diversify but then again yellow fever didnt have a dotcom or E to its name and nor did it have a 9 handle on its price as we have today.
Regards RM
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