Fiat paper currencies are still running a frenzied race to the bottom. Politicians of both parties see the only way to win elections is to inflate. Reserves everywhere are playing out, and top producer Barrick Gold (ABX) isn’t opening a new mine at 15,000 feet in the Andes because it likes the fresh air. The output of gold has fallen by 12% annually for the past decade, compared to a doubling of production costs to $500/ounce. Almost all short term money market alternatives globally are yielding close to zero, meaning that the opportunity cost of owning the gold is nil. No pause to catch its breath until we hit $1,300. (GLD), (ABX), (UGL), (RGLD), (AEM), (GBG).