you shouldn't have been surprised by gold trading at 5000 dollar per ounce today if you have today's M3 report in front of you. Gold market can't be efficient discount machine with M3. We are conservatively guessing the modest M3 number because of the nature of gold holders as conservatism. If we can imagine that number in bull's vision of stock market, 5000 might not even be a fair price. who knows.