Long-term inflation expectation is 2.0 percent, which is 0.5 percent less than 2012.

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It is hard to argue against the expectation that the long-term trend in devices that use chips like those made by INTC is on a strong upward trend.

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It is this expectation of paper currency debasement which makes gold an attractive long-term investment for us.

WSJ: Gold Sinks Into Bear Territory

It is this expectation of global paper currency debasement which makes gold an attractive long-term investment.

CNN: Gold hit by sharpest tumble in 30 years

We left this story last month with the happy expectation that Fed Chairman Bernanke was going to be deflating the carry trade bond bubble, bring long term interest rates in line with inflation expectations, stimulate bank lending and thereby create economic growth.

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