The reaction to the current crisis is already feeding the next crisis. A crisis caused by expansive monetary policy being solved by the same means seems naive. The driving forces of prosperity are savings and investment, not consumption and debt. The rising price of gold is, in our opinion, only a logical consequence of quantitative easing, which in our opinion is only a euphemism for launching the (digital) printing press. Gold remains an antagonist to uncovered paper currency–an excellent hedge against worst-case scenarios. The perfect environment for gold means low real interest rates and high counterparty risk. Both are currently clearly present and we expect this to continue. At current real interest rates, gold is a clear alternative to short-term government bonds, current accounts and term deposits.