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22 Things to Look for When Gold Is Topping

By Rick Ackerman Posted on October 1, 2009, 12:01 am EDT Last Updated June 6, 2010, 9:07 pm EDT

(Gold lurched back into bullish gear yesterday, lifting the spirits of those who may have read too much into last week’s apparently gratutious decline. Before lapsing into despair whenever gold corrrects, as it is bound to do from time to time, we should consider the big picture and ask, Is this the way a top would look?  Here are some of the signs we might expect to accompany a real top in bullion, courtesy of our friend Chuck Cohen. )

No sane gold bug, if there really is one, would dare to pinpoint an ultimate top both in distance and price in gold, but I believe that when it approaches, there will be definite signs to the discerning and pure of heart. The following are some of the signposts I envision as we near the great, final high. They are listed in no order of significance or chronology.

Jim Sinclair Photo

Things to look for when gold is making its ultimate top:

• Bill Murphy, minus any censoring, is a regular guest on CNBC
• Barron’s has an issue with two articles on gold
• Abbe Joseph Cohen turns bearish and announces that 50% of her money is now in gold-related assets
• A CNBC host is heard recommending gold
• The New York Times runs a major front page headline highlighting the price of gold and its price chart
• Jim Sinclair is chosen “Man of the Year” by Time magazine
• Gold is the lead item on the national news every night for a week
• Wal-Mart announces they will begin to sell tiny amounts of gold
• Jon Nadler starts a fashion craze wearing gold lamé suits, and, in an announcement that shocks the financial world, reveals that he is starting a round-the-clock precious metals channel. Another coup is that Dennis Gartman and Leonard Kaplan will be his featured analysts.
• Your local jewelry store takes down its “Cash For Gold” sign and replaces it with “We Sell Gold”
• In a recent poll, Yale and Princeton grads reveal that their top career choice is to start a gold exploration company
• Goldman Krupp, correction, Sachs, changes its name to Gold and Silver Sachs
• An enterprising young Gold and Silver Sachs executive comes up with an idea of franchising gold coin shops
• Bill Murphy is frequently seen dining with mainstream Wall Street executives, and “Midas” sightings — as he is known throughout the world — become commonplace in the gossip columns
• Brokerage houses and banks fire their financial analysts and frantically start gold research departments to cash in on gold mania
• Some of your friends or relatives call you to recommend some gold stock that you must buy, and inform you that they are now up 50% in their gold stocks
• All mainstream gold forecasters raise their gold price target by $500 for the year
• The Association of Gold Trading Advisory Services, formed in March 2010, publishes a 15-page apology on the internet. In brief, the document apologizes for the years of predicting near term tops and missing 90% of the entire move in gold and silver. They are now long-term investors and predict that a tradable top is not in sight
• The Donald builds a series of “Trump Oros” in the Sierra Madres for Mexican miners
• In one week, 15 new movies connected with gold are announced to be ready for production
• A remake of the movie Goldfinger features Sean Connery’s grandson as Bond and Jon Nadler as Auric Goldfinger. This time, the villain gets away with the gold and Bond is accused of the theft. Goldfinger is actually filmed inside Fort Knox, which, since it was discovered to be empty of gold, becomes the world’s largest production set. As an aside, the guards at Fort Knox were falsely accused of the gold theft but convicted anyway in a secret trial. During their defense, the guards claimed that there hadn’t been any gold there for over 30 years.
• Golden Fleece, current market cap $7.6 million, tenders a friendly offer for Barrick Gold, which immediately snaps it up as it tries to pare down its still-monster hedge book.

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  • Christ T. October 6, 2009, 1:26 am

    in case Tony Bonn checks back here:

    “..a highly pronounced anti-semitic friend of totalatarianism as derrida”

    For what its worth, J. Derrida was sephardim from an old Algerian Sephardic family, so unless you choose to believe that clap-trap of self-hating, “anti-semitic” is hardly apposite.

    Also, me hardly thinks that “Mein Kampf” belongs in a sentence with academic endeavor, unless you believe in a “Landshut” school

    &&&&&

    Derrida’s colleague Noam Chomsky, also a Jew, would probably have seen eye-to-eye with the mufti of Jerusalem, if not necesarily with Hitler. RA

  • Sonny Bill Williams October 3, 2009, 10:45 pm

    I like gold and silver as assets. They do not take up much space. They have good weight and feel so comfortable in the hand. I trade futues on these commods, sometimes I win and sometimes I lose and really I have been flatlining with these for several years.
    My assets are going up…it feels good!

    As for picking a top or looking for signs…when you hear several people in the space of a week talking about gold in public transport,lifts etc and you have seen the price of gold go directly north on a weekly chart for 4-7 weeks you will be looking at a likely top on a relatively short time frame.
    That would be a good time to go short futures or stocks.

    Sell your hard assets…NO WAY

  • psiceobill October 3, 2009, 4:49 am

    I am a gold bug, have been since 1999 (early). Enjoyed the article, but I have to agree that Gerald is right. After 40 years of investing, I have to say that the statement “This time is different” as some posters have stated above, is a BIG warning sign of top. I’m not selling yet, but I am scared we could have a $400 drop in gold. Something else – the market (gold or stocks or whatever) always finds a way to take everybody to the cleaners first, before it finally has its UNEXPECTED run — in other words, everybody has to get negative again on gold first. Then it can finally do its glorious thing.
    Bill

  • Mitch Pearce October 2, 2009, 5:40 pm

    Tony,
    I know Gerald from Mike Swanson’s site as I use to blog there. He is a very smart guy and good trader. He’s done very well. But when it comes to gold, I’m afraid he’s not seeing the big picture. Chuck is right, this time is IS different. A lot different. I won’t bother rehashing what most people already know here. Mainly that the COMEX and CFTC are frauds, and so is Jon Nadler. And I’m going to heckle his ass if he ever comes to Vancouver again for the gold show. His analysis (if you can call it that) stinks. Thanks Gerald, but I’ll listen to the gold experts like Turk, Embry, Sinclair, etc…as they’ve been correct for the last 8 years running. Nadler is a joke in is ownright.

    GREAT article. Very funny.

  • Rich October 2, 2009, 3:52 pm

    22 Things to Look for When Gold Is Topping seems to have hit a raw nerve, elciting more comments than I’ve seen in some time.

    Is that a sign of a top at 1033 March 2008 that was just retested at 1024 September 2009?

    Time will tell as Mr Market collapses despite all that the kings men have done to put Humpty Dumpty back together again.

    Regards*All

    JubileeProsperity.com

  • mthomas October 2, 2009, 3:49 pm

    I think that we have severe long term issues to deal with concerning the huge govt deficits and currency debasement that is occurring. I just saw a really good article at http://seekingalpha.com/article/164322-expect-gold-to-reach-3-000 that discussed this problem of continuing to try to cure a patient with the drugs that made him/her sick to begin with. The story also discusses the potential investment implications for fiat currencies due to all the money printing by central banks around the world. I personally believe that the power of central bankers to print money has gotten completely out of control, and that we will go back to a gold standard or other form of hard currency once there is enough social unrest to force our politicians to make the necessary changes to protect the best interests of its citizens.

  • tony bonn October 2, 2009, 2:29 pm

    Gerald Clifton
    you are the most smug, self conceited pompous ass i have read in the past week….you win the award for deconstructionist punk…..it’s interesting that you laud a highly pronounced anti-semitic friend of totalatarianism as derrida so allow me to deconstruct your prolix horse cockey notwithstanding that deconstructionism is the most inane academic endeavor to come out of a donkey’s ass since mein kampf flowed from hitler’s incarcerated pen.

    the person who reads is the person who decides what is funny. thus your imperious declaration that this post was not funny was evidence of the totalitarian streak running through your hero. please let us know when we have permission to laugh.

    to suggest that the decline in gold will be as rapid the next time as the last is a logical fallacy of enormous preposterousness and even begs the question of why there must be an imminent decline now evidence of which you supplied nada – much like nadler’s analysis on anything.

    any analysis which fails to account for systematic cia – fed – treasury – imf manipulation of price is as shallow as your corny analysis. as such the long time suppression of gold price is more like an overstuffed sausage ready to explode meaning that anyone who is tempted to sell now will lose out and i am more than happy to see weak hands pass their gold into strong.

    thanks for giving us a cia-fed view of the gold market. i have promptly filed it away under derrida for junk.

  • Bill October 2, 2009, 11:49 am

    The number one indicator – the IRS announces that gold/silver profits will be taxed at 90%, retroactive to some prior January.

  • Darren October 2, 2009, 9:35 am

    I hate to be a “party pooper,” but the gold bull market is over. Gold topped out in March, 2008 at $1,034 per ounce. We are in a new bear market for gold. I’m short gold.

  • Grass Ranger October 2, 2009, 5:36 am

    Dear Gerald, would your face crack if you ever smiled? Lighten up!

  • Gerald Clifton October 2, 2009, 3:46 am

    For Charles Cohen. Charles, you say, “Most gold holders see gold as protection against an all out war against fiat currency (sic).” I think you mean “protection against an all out proliferation against fiat currencies.” The enemies of gold are the FRIENDS of paper, not at war against it.
    But wasn’t that equally true in 1979-1980? I worked for a large dealer, then, and that is why all MY customers wanted gold — as protection against the proliferation of paper, not as protection against a war AGAINST paper. Of course, back then, with inflation in the high teens, the play was more obvious. Now, it is more subtle. In our system, paper is debt, and the creation of debt is the creation of more paper. The “chasing of the fewer goods” part of inflation hasn’t occurred yet, as it had when gold topped out at over 850 during the last cycle.

    The cyclical top at 200, just before mid-decade (that is, with the scale on today’s charts large enough to accommodate 1000+ gold), with its subsequent collapse back to 100, NOW looks like a tiny blip. But back then, it was a HUGE smack-down and took up the entire pages of the charts that tried to show it graphically.

    Perhaps, someday, the run from 100 to over 800 will look as insignificant in our rear-view mirrors as that tiny blip looked back in the mid-1970’s. But for now, many of us who were in the business back then and had to talk to clients about forced liquidations and/or lost fortunes on cash positions, can see THAT collapse as an event that shattered many lives. It was HUGE and still is.

    Your comment that “now” is somehow “very different,” if ANYTHING, should be on your list, as a possible sign of an immanent top.

    Gold can go from here to 1100 or 1200, but if the MARKETS decide to switch to paper for whatever reason, we could see another 2 decades of pain for those who bought at or within 10% of the top. I see the humor as clumsy because you are supposed to be an expert, yet you see nothing that hasn’t ALREADY been worked to death by everybody out there who knows the gold “story.”

    In other words, why shouldn’t Charles Cohen be a contrarian indicator? — why do we have to wait for Nadler to get bullish before a top can be in place? At least Nadler, as I noted, has good reasons for his public stance (no matter WHAT he thinks in private), and all of them probably involve keeping his job as the house schill…

    The paradox you do not engage involves gold dealers demanding cash for their wares — maybe THAT, too, should go on your list. You know a top is in when gold dealers (wholesale and retail) refuse to take cash for their products. But for now, with predictions for gold at multiples of thousands commonplace, you have to wonder why dealers are so happy to take your paper in exchange for it…

    Good luck in calling the top. It will have to involve more than kiddie-school humor about sentiment excesses to do the job, I fear. By definition, it will have to be seen in the rear-view mirror (there can be no picture of a top without drawing the other side of the mountain), and sold at subsequent lower highs. Unless you want to hold a losing positions for a couple decades or so, amid continuing anti-paper rhetoric by die-hard gold bugs as their zealous followers get crushed.

  • Van October 2, 2009, 3:46 am

    The best seller of NY Times is “Gold for 500,000 Dollars”

  • ricecake October 2, 2009, 3:03 am

    You don’t want to live in the world that accept only gold for food. There’s something called fate worse than death.

    But of course if you are big and mean. get some guns go out to kill for some gold and food.

    Luck not born in a country like Somali or Sudan, or would prefer not born at all. Life is tragic and endless suffering. Why bother?

  • Ben October 2, 2009, 2:53 am

    Mr. Cohen,

    I can see that you have your hands full here, so I’ll keep it short: thanks for the answer!

    Ben

    Bill: You raise a valid point, but it only supports what I’m saying. Silver at a discount requires all the less gold to acquire. This goes right along with the objective of holding more gold, then.

    And the weight/space factor…. well, one could certainly do worse. In Zimbabawe, they haul around several bricks of paper to buy a very modest amount of food. Weimar Republic… I can’t recall where I saw the picture, but it showed a man standing next to a towering pile of paper, which was the amount needed to buy even a single ounce of silver!

  • Chris T. October 2, 2009, 2:32 am

    BTW:

    The final maturity of those legendary double digit 30 year T-bonds is almost here, isn’t it laughable how little of today’s debt all of that comprises?

  • Chris T. October 2, 2009, 2:26 am

    Gerald writes
    “When gold crashed from 850 (over 900 in London)…
    and the bear growled for 2 decades”

    And if that had been a free market phenomenon, especially in its denoument, we should take some lessons from it.
    But, GATA anyone?

    Also, that crash, as you all know, started at $2200 in today’s money, and hit$660 about 2 years later in today’s money (MinnFed CPI).

    But where was the US at during that crash?
    We had barely ceased being the worlds largest net-creditor, we had only rel. recently stopped supplying most of our own oil, we had a miniscule federal deficit (on or off balance) compared to today, and we still actually made stuff, even if back then a lot of that was already shoddy. The size of our economy rel. to world total was much bigger than today, there was not the hint of anyone else’s currency even conceivably assuming reserve status, and the experiment of the whole world being fiat-based was just in its infancy, not even a decade old.

    Besides anything GATA has credibly published, (one of) the major impetus for your movie-end was Volcker’s interest rate policy.
    Is it even credible, that any Fed Chairman could (to save the currency) do what Volcker did? Our shorter and shorter termed Federal debt would be rolled over at 14, 15, 16%, or not much less than the total Federal budget (leaving out this years deficit).

    A budget consisting almost 100% of debt-service? I don’t think so.
    This playbook has not been filmed before.

  • Tim Hickey October 2, 2009, 12:39 am

    How about when the newest marketing phrase is “gold is the new black”?
    Chuck, I have only recently discovered your incisive, insightful, and humorous l00k at the true and false. It cuts like a knife and illuminates the subject.

  • Gerald Clifton October 1, 2009, 10:17 pm

    While I appreciate humor more than most people (I have a PhD in Literary Theory, studying under, among others, Jacques Derrida and Frank Kermode when they were at UC Irvine — I actually believed them when they told me what makes poetry work…), this is too clumsy for humor and too gratuitous to be of any trading value.

    The references to Jon Nadler are misplaced. He works for a large bullion/coin dealer, and it is his job to create doubts among gold zealots, both in the name of encouraging two-way markets (remember, dealers make money on the spreads, they get paid in paper, and they love both of the above), and in the name of covering his firm’s collective ass when gold finally DOES reverse trends. When the inevitable lawsuits and arbitration hearings come after the crash, all Kitco will have to do is trot out Nadler’s past comments — “This is our in-house experts on the world gold markets, and you were warned, repeatedly, that this would happen.”

    I am bullish on gold. I have held futures contracts, physical coins and bullion, and a few of what are now the leading performers among the mining stocks. I continue to hold them. I can afford to, because I plucked the low-hanging fruit when gold was an outrageously contrarian play (I started before I learned how to trade on the internet, and my brokers all laughed at me every time I placed a “buy” order). When this asset finally bubbles over and pops, I will lose 25% to 50% of my current profits, to be sure, but there will still be plenty left, to allow me to look back on very profitable trades, over time.

    When gold crashed from 850 (over 900 in London), very few (if any) of your above “signs” were present. And the initial crash took a couple of hours, not days or weeks. True, there WAS a sizable throw-back rally later in the year, when the smart money got our at a more leisurely pace, but get out they did, and the bear growled for 2 decades, with some very good swing trades on both sides of the market along the way.

    So, again, I appreciate the yuks, as corny and useless as they are. Now, Rick, give us the REAL signs that will enable us to look back in our rear-view mirrors and see the first crash as a sign to sell the inevitable future rallies, instead of seeing just another correction and adding on the dips. Now THAT would be not only funny, but practical as well…

    Good luck, all. Repeat. I AM a gold bull. But I have seen this movie before, and it has a bad ending for those who don’t know when to sell.

    • Charles Cohen October 1, 2009, 11:03 pm

      For Gerald. But I am afraid that that was then and this is now. My point is that we are on a long journey here and most of the world hasn’t taken their first step. Most gold holders see gold as protection against an all out war against fiat currency. I think you might be a little conditioned to believing that this will end like the 1970’s which was very different.

      A little humor is good for the health.

  • DG October 1, 2009, 8:22 pm

    During the dotcom boom employees only cared about their stock option plan. How much stock and what price….Could we go Zimbabwe and employees will worry about their longterm compensation in other terms? How many ounces? Seems far-fetched, but history rhymes and that makes sense. As the western philosophers AC-DC said, “its a long way to the top….”

    Also, maybe the Google-aires will do a Howard Hughes on us and re-create their own version of GLOMAR and start scouring the deep sea for hints of metals?

  • tony bonn October 1, 2009, 7:35 pm

    and if the gold sales weren’t for the poor they would be for the children or some other hair brained lmao lie….

    no the imf gold sales were to rearrange gold reserves to cover comex and the dollar….since the announcement the dollar has firmed albeit at a low level….

  • Chris T. October 1, 2009, 7:19 pm

    A quick question:

    If it tops (barring Fekete’s perm. backwardation scenario, in which case the top will just be a plateau), where will it settle at?

    Just like $35 was never revisited once left behind in the early 70’s, and never having been at less than ~8x that since, where will that new never-to-be-revisited level be after the top?
    $600?
    $1000?

    • Charles Cohen October 1, 2009, 10:59 pm

      For Ben. Good question. If Fekete is correct and I am on the apocalyptic edge, then the price might be moot. The point is that gold has been exponential since forever and especially since 2001. I see nothing that has happened that would change my tune here. The authorities will fight every deflationary pressure to their last drop of blood although I believe that it will probably happen.

  • Bill October 1, 2009, 6:19 pm

    REPLY TO BEN: One of the factors no one seems to discuss in the gold and/or silver debate is weight. $50,000 will buy about 50 oz of gold vs 2,900 oz of silver, or 3 lbs vs 180 lbs. Which one would you want to haul around or hide? The Jews fleeing Germany in the 30’s found out their silver suffered a severe discount as they tried to convert to gold.
    —

  • Rich October 1, 2009, 5:31 pm

    PS: What’s interesting about today’s triple digit rout in the Dow is that traders are ignoring it and hoping it goes away after buying yesterday. This is the stuff confirming a possible top at 9917.99 Dow before Deflation clears Inflation…

    http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID3251493&cmd=show%5Bs165720509%5D&disp=P

  • Rich October 1, 2009, 5:14 pm

    The neighbor who complains about the party keeping his children, chickens, wife up at midnight: After a ginormous rally from 252.50, gold may have put in a serious top at 1024.20. Time will tell…

    Regards All*Rich

    http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID3251493&cmd=show%5Bs165305782%5D&disp=P

  • Protecting Savers and the Poor October 1, 2009, 3:57 pm

    But for the IMF not selling its’ gold “for the poor,” I would be laughing. If gold is allowed to reflect its actual value, the politicians and banksters will go after it, “for the poor,” which means the credit scam of the day aimed at whatever poor people they can round up who momentarily possess good credit will be financed with savers’ gold.

    Since the real reason for “helping the poor” is to rig a low-risk derivatives operation that makes easy money for the banksters, the way to protect the poor and savers is to legislate that all proceeds derived from “helping the poor” be returned from the banks to the poor.

  • tony bonn October 1, 2009, 3:45 pm

    Bill Murphy, minus any censoring, is a regular guest on CNBC

    lmao….it is always helpful to keep one’s sense of humor intact when confronting the banksters of the gold cartel and cia-fed controlled press.

  • Stefan October 1, 2009, 3:10 pm

    Entertaining and Funny, but Oh So True!!! Here is the honest truth, That was the exact same strategy my wife and I employed with the real estate craze. We sold out everything in the early spring of 2005. We’re waiting for Newsweek, Business week, Time et al, to publish our early warning. Reality is truly stranger than fiction.

  • FranSix October 1, 2009, 12:49 pm

    In a sense, the real price of gold, or its price in terms of commodities, is hundreds of dollars higher than its monetary price, and has been for at least 30 years in terms of yr.2000 constant dollars.

    http://www.safehaven.com/article-14515.htm

    Hey Rick

    http://rickspicksnyc.com/

  • mark October 1, 2009, 12:25 pm

    forgot to add that i believe eventually you will see gold/silver spot prices real time in the lower right corner of the screen on CNN. right now you only see dow/naz/spx

    • Charles Cohen October 1, 2009, 11:05 pm

      For Mark. Very good point, and in gold color. Thanks.

  • adrian lunn October 1, 2009, 11:27 am

    goldilocks sells her wig.

    • Charles Cohen October 1, 2009, 11:07 pm

      For Adrian. Again, a good and funny take. We should have the readers send in their “signs” and award the top suggestions with a billion Zimbabway dollars. Thanks.

  • Ben October 1, 2009, 7:26 am

    “but most of us will have long since given up our gold to stave off starvation and will barely notice or care when the gold “top” finally arrives.”

    Hello, Bill. While I can’t say what the case would be, I wouldn’t sell my gold for $$$. If I had the choice, I would trade some gold for more silver, then sell the silver for $$$ to stave off starvation and other desperations.

    Declining marginal utility says to never sell all of ones gold (especially for paper. Silver’s a different story). And if what is said about a permanent backwardation is true, then I would think there would be plenty of opportunity for one to retain rather than surrender the king of monetary metals.

    Does anyone here have any thoughts on that? If so, I would like to hear them!

  • Grass Ranger October 1, 2009, 6:42 am

    To gold bugs and many readers of this site, Chuck’s list will be hilarious but I expect most folks would not have a clue of what is so funny about these indicators.

  • Gary October 1, 2009, 6:40 am

    Absolutely hilarious, the best slapstick commentary about gold ever published. I especially enjoyed the part about John “Dork” Nadler as Auric Goldfinger. When Bill Murphy appears on CNBC as a regular, I will sell every ounce including my wife’s jewelery plus the Tupperware.

    Gary

    • Charles Cohen October 1, 2009, 11:08 pm

      For Tony Bonn. The only problem is that I fear Bill might get into a fight while on the air. I love Bill, though. Very special.

  • Ben October 1, 2009, 6:01 am

    Quite a list you have there, Mr. Cohen! I’m still laughing over how true it will be.

    So to it I add… During that media frenzy, all reporters of the golden bull have dollar signs in their eyes. (And whenever gold is mentioned at all, a mysterious “cha-ching!” will be heard as those dollar signs suddenly appear!)

    Or maybe not this time around. If the backwardation in gold does become permanent (Antal Fekete speaks of this often), then the dollar, and indeed all currencies, will be worthless, leaving gold as the only game left in town. That’s assumming, of course, that people are aware of that. And if it took so long to warm up to gold in the first place, perhaps they will sell rather than hold, and not realize their mistake. Or maybe they would due to the fact that the spot price just kept rising and rising…

    Heck of a time we live in, isn’t it?

  • goh October 1, 2009, 5:56 am

    When they start prospecting for gold on the moon?

  • mark October 1, 2009, 5:52 am

    all very good points. i have told my buddy, who works in the financial services industry,that when various mutual fund shops are caught touting their NEW precious metals funds(tech in 99-2000 and real estate/reit’s in 2005), i will be systematically selling out of my TGLDX. the exact opposite of my current bi-weekly purchase plan. a few/several years hence i envision setting up a bi-weekly sell plan,as the folks who are now on the wrong side of the “cash-for-gold” trade are caught discussing how they just bought gold and how much higher it is going.

  • gladstone October 1, 2009, 4:26 am

    I would add one,
    “when your neighbor tells you he just bought a gold mining company but can’t remember the name”

    • Charles Cohen October 1, 2009, 11:09 pm

      For Gladstone. I give this one the top slot so far. Wish I had thought of it or I had heard it and claimed it as my own. Thanks.

  • Bill October 1, 2009, 3:35 am

    Some funny stuff. We could see all the above and more if what has passed for “normal” behavior in this bizzaro country continues; but most of us will have long since given up our gold to stave off starvation and will barely notice or care when the gold “top” finally arrives.

  • FranSix October 1, 2009, 12:37 am

    Forgot one. Gold price manipulation hearings get their day in court, bringing to an end long standing rumours with -gasp- the revelations that gold prices were manipulated by now defunct monopoly bullion banks JP Morgan and Goldman Sachs as they are merged with HSBC, their gold books never to be revealed to history. Government calls for an emergency gold price fix. $US dollar to be devalued by the formula: 6% every multiple of GDP the nation is in debt. Interest rates rise to meet market valuations of 10X the GDP formula in order to get sovereign debt markets running again. Inflationists declare victory in the inflation/deflation debate.


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