fall is another question but there is now a widespread acknowledgement that we may be reaching the end of the thin branch that permits nearly unlimited printing to resolve the shortfall in genuine economic activity. The resolution to the dilemma will likely come about as inflation pressure mounts and velocity bounces off its historical lows. It is then that some of the excess liquidity must be withdrawn. No doubt Gold prices in US Dollar terms will benefit in the meantime but a price point of 5 or 10 thousand dollars per ounce is just preposterous and probably spells the end of the currency in our lifetime were it to occur. As Basel III seeks to make Gold tier one we cannot help but note this suggests moves are afoot to reduce unpredictability and volatility in Golds price movements which is actually contrary to the thinking in the Gold community that seeks speculative gains. And so it is this money, (that which is earned abroad that I discussed above) that has come through exports and the honest efforts of its citizens which needs protecting as opposed to the internally generated transactions and cash accounts. Internal transactions in a country are much less relevent than external trade where the issue of Gold-backing is concerned. Do we not measure our success versus other counties in terms of our relative trade in goods and services? If the cash reserves we hold in our balance of trade accounts in another nations currencies are being devalued