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FINEX ’10 Burlington House, London. 28 th October 2010. Equity indices vs gold price. 2. Equity indices vs the gold price (YTD). Value of in-situ gold - selected markets, Jan & Oct 2010. Cost of discovery of gold resources (Jan 2010) vs value (Oct 2010).

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Finex 10 burlington house london

FINEX ’10Burlington House, London

28th October 2010

Equity indices vs the gold price (YTD)

Conclusion (Jul-Oct)

Rising gold price environment

Falling gold price environment

Buy Australian ‘inferred’ exploration oz

Buy London or TSX ‘indicated’ and ‘inferred’ exploration oz

Buy Australian ‘measured’ exploration oz

  • Buy London ‘inferred’ exploration oz

  • Buy Australian ‘indicated’ and ‘inferred’ exploration oz

  • Buy London ‘measured’ exploration oz

Ben bernanke

Ben Bernanke (Jul-Oct)

“Like gold, US dollars have value only to the extent that they are strictly limited in supply. But the US government has a technology called a printing press that allows it to print as many dollars as it wishes at essentially no cost"

Alan greenspan

Alan Greenspan (Jul-Oct)

“But I see inflation as the greater future challenge. If political pressures prevent central banks from reining in their inflated balance sheets in a timely manner, statistical analysis suggests the emergence of inflation by 2012; earlier if markets anticipate a prolonged period of elevated money supply.”

Twin deficits led to… (Jul-Oct)

A weak dollar and rising oil prices, which led to…

Inflation, to which…

The authorities reacted by raising interest rates, which caused…

A financial crisis, which…

Halved the Dow and…

Threatened deflation, to which…

The world’s monetary authorities reacted by adopting an excessively stimulative monetary policy, which…

Led to inflation (albeit on a different timescale).

In both the 1970s and the 2000s….