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Discussion Topics -- December 9, 2011
Year-In-Review: The Evolution of Counter Party Risk: Europe in Flux

(December 9, 2011 discussion). Its been another year of positive performance for the gold market, trading roughly 20% higher than where it began the year. Stocks, on the other hand, have been largely flat. Another year, another debt milestone, with the U.S. national debt crossing $15 trillion for the first time in history. Europe remains in flux, with yet another agreement coming forward, yet no true signs of action to give the market any reliable sense of direction. The result has been increased volatility within the range, both for gold and equities. The failure of MF Global is being largely downplayed in the media. Co-mingling investor funds with the firm's risky plays on credit default swaps has destroyed huge sums of private capital. Jon Corzine, in his testimony before the House Agricultural Committee, stated very simply when asked where client's funds went, "I don't know." As a major clearinghouse for commodity futures, MF Global's failure has put a significant dent in the perceived reliability of the futures market as a whole. The erosion of confidence in this arena suggests large swaths of investment capital may seek physical ownership to gain safer (absent of counter-party risk) exposure to the gold market. If this is indeed the trend, it won't take long for the broader market to realize just how little physical gold is actually available. 30 minutes, with George Cooper, Peter Grant, and Jonathan Kosares

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200 Day Moving Avg. Gold

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Debt

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