While some of the smartest chaps on the street suggest that being long of Gold in cowbell terms is the trade of the decade, it appears the winner off the March 2009 lows remains long of Gold in plain-old USD terms. Gold in USD terms has risen 84.5% from the 2009 equity lows and leads the race-to-debase while JPY (until very recently) was the big loser among the majors - debasing itself a mere 52%. It seems Mr. Abe had better get to work...
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Chart: Bloomberg