To return to Gordon Gekko: money never sleeps, but sometimes it may have a rest. We think money velocity has had a rest for the last ten years or so. But gold signals that something big may be afoot. If this was true, and gold literally was the canary in the coal mine here, then we could see the mother of all velocity spikes in the years to come. As for the inflation vs. deflation debate, if this was to happen, there would be no discussion no more.

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