Deutsche Bank said in a research note Friday that the disconnect between gold and silver regarding risk reversal is at levels not see in five years.

FORBES: Silver, PGMs Still Under Pressure

Taking a closer look at this activity reveals what appears to be a bullish risk reversal trade at the January 2012 12.50 and 15 call strikes, where blocks totaling 6, 300 contracts traded simultaneously.

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The housing recovery is already having a positive impact on growth, pushing GDP up as residential investment accelerates, but with more than 1.1 million homes in some state of foreclosure and a shadow inventory that tops 2 million units, it will take some time for the market to truly heal, while the risk of slowdown and a reversal remains a possibility.

FORBES: Home Prices Growing At Pre-Bubble Rates On Bernanke Boost, But Big Shadow Inventory Lurks

Plus, a decrease in risk aversion around Europe is unlikely to cause a reversal of the decline in fixed income yields.

FORBES: In Some Markets, Investors Losing Money On Purpose

"The current account deficit remains the biggest risk to the economy, " and could warrant a swift reversal of its policy stance, the RBI said on Friday.

WSJ: India Cuts Policy Rate

Finally, another bout of higher global risk aversion or unexpectedly rapid increases in U.S. interest rates could lead to a sharp reversal in capital flows, although the experience during the recent turmoil in the euro area periphery suggests that such disruptions are unlikely to be overwhelming.

FORBES: Brazil, China, Commodities, Key To Latin America's Future, Say IMF And World Bank