Speculation on Gold, Silver and Euro

Gold CFTC Net Speculative Position

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Silver CFTC Net Speculative Position

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CFTC Net Spec Euro Position Since 1999

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CFTC Gold Short Since 2006

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Global Inflation

Inlation is falling long before oil started to slump

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% of World’s Developed Markets with Inflation Less than 0.5%

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% of World’s Emerging Markets with Negative PPI

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Global Interest Rate

Historic World Interest Rate Since 1522

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90% of the Industrialized World Economy Is Near-zero or Negative Short-term Rates

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Real Interest Rate on March 2012

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U.S. Bond and Equity

Swiss National Bank is Buying Equity

Swiss National Bank US Stock Holdings

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Bond/Equity Flows Since January 2007

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Divergence Between Price and Flow

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Margin Debt and Net Credit Balance

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