“Alternative 1: on average there is more than one ownership claim on each gold bar conforming to London Good Delivery.. Essentially, the market operates on a fractional reserve basis.. If it is true, the next phase in the gold bull market will be a religious experience for anyone unfortunate enough to be short of gold.”

-       Paul Mylchreest, ‘Thunder Road Report’, 15^th October 2009.

“Expect other nations, including those in the Middle East, to follow the lead of Hong Kong in bullion repatriation. This is a slow-release earthquake in both bullion and currency market terms.. Taking delivery is just not the done thing in bullion ownership. If it were to become a trend, then life in the COMEX warehouse coordination office and at various custodial banks in London is likely to become quite interesting.”

-       Ned Naylor-Leyland, Cheviot Asset Management, October 2009.

“I don’t think the question really is what is gold worth but what are currencies not worth.”

-       Shayne McGuire, Director of Global Research at the Teacher Retirement System of Texas, October 2009.

Having certainty about financial markets is difficult at the best of times, but right now it is impossible. Robert Shiller, Yale professor and co-creator of the S&P Case-Shiller Home Price Index, is intelligent enough to own up to huge uncertainty about the future. In an interview with Fox Business last week, he confessed,

“I am terribly conflicted. This is the most uncertain time that I can remember. Things are violating the laws that I learned.. The whole country is experiencing an upsurge but I don’t know what to make of it.”

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