Source: Erste Group Research, July 4, 2011

Erste Group Research's 5th Annual Special Report - "In GOLD we TRUST" is available in pdf format by clicking on the image below. The report highlights:

• The foundation of a return to "sound money" has been laid
• Guilt without atonement? Excessive structural debt suggests further appreciation of gold
• Negative real interest rates continue to provide gold with perfect environment
• No reason for "AUROPHOBIA"
• Adieu "Exorbitant Privilege"
• US Treasuries: from the risk-free fixed income paper to the risky no-income paper
• Why gold is (still) no bubble
• Excursus: the creation of money from the perspective of the Austrian School of Economics
• Gold and silver as official means of payment vs. "Gresham's Law" * The monetary system at the crossroads - on the way to a new gold standard?
• Gold as portfolio insurance
• Renaissance of investment demand - institutionals as "elephant in the room"
• Gold mining shares with historically low valuations
• Risk/return profile of gold investments remains very favorable
• Next target price at USD 2,000
• At the end of the parabolic trend phase we expect at least USD 2,300/ounce