It appears rumors (there's that word again) of precious metals' demise have been greatly exaggerated yet again. After hitting a low of $26/ounce just shortly after 24 hours ago, the metal has since soared by a whopping 26% to $32.90 (thank you CME and Shanghai Gold Exchange). That's $6.90 in one day. The same with gold. It seems that the market has finally had its brain kicked in a little following the realization that an expansion in the EFSF from E440 billion to E3 trillion (which has about 0.01% probability of happening, and would likely see the mobilization of a certain army first) would mean an exponential decline in the credibility of that "other" currency, which while potentially retaining its value against the "first" currency, will have been devalued that much more against the real, undilutable currency. We expect the market to comprehend that Goldman, for once, was spot on in its evaluation that anyone who bought yesterday at the lows, will have already made their full year unlevered return in one short day.