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then you’re left with a big bar of metal doorstopper. Today global interest rates are not high. Therefore, you can be patient holding gold, as it’s not costing you much to do it. There are two other non supply and demand characteristics of gold; one is as a financial safe haven and the other is as a geopolitical safe haven. In the 1970s, the gold price rocketed from $200 per ounce to $800 per ounce. Mainly this was because inflation was high, thus devaluing the real purchasing power of fiat currencies like the British Pound, the US Dollar, the Deutschmark etc. Inflation is low these days, so that form of purchasing power erosion is not in play. Geopolitical issues are influential because when there’s a coup here, a government collapse there, investors do not want to be exposed to the currencies, bonds or equities of those countries that are having or could have a coup. Gold is attractive under these circumstances.”
    J-K were clearly awaiting the punch line. Toby had a long sip of his Screwdriver and then followed it up with the last forkful of his beef. Nobu’s portions were a bit on the meagre side for a beefmeister like Toby.
    â€œGold is $1,500 per ounce, today,” informed Toby. “My view is that it will be $2,000 per ounce by the middle of next year and maybe over $3,000 per ounce before we next get a Labour government! Whichever it is, my friends, I’ll be trading the holy crap out of it. Kerching!” Toby ended with a flourish and a spot of Sonic Screwdriver on his shirt as he raised his glass.
    With that done Toby relaxed back into the soft sofa and gestured that he wished the attention of Fernando. While the three traders were busy chatting away they hadn’t noticed that Toby’s Blackberry was slithering around on the table top. It was on vibrate but it wouldn’t have mattered if it was ringing as Nobu noise was the dominant aural force. Finally, when the device eventually cosied up to Toby’s tall cocktail glass he noticed it and picked it up.
    â€œToby, is that you?” said one of those Antipodean accents that should come with subtitles.
    â€œYeah, yeah. Who’s that?”
    â€œIt’s Marcus from Wellington. It’s five in the morning here but we need to talk
now
. We’re going to get royally shafted by those Greek numpties if we’re not a bit Usain Bolt, my friend. I’ll tell you what’s up and then you need to get JJ.”
    Marcus Whyte was MAM’s researcher, based in Wellington, New Zealand. He was virtually a one-man office, had been around for a long time and had worked with Toby for six years. He knew JJ for about three. Most of the time, he didn’t have a lot to do but Wellington, then Sydney were the first FX markets to open up in any given day so it seemed wise to MAM’s Board that they should have someone there, just in case.
    The only other time Marcus was notably useful was the weekend in July 2003 when the British scientist and expert on biological warfare, Dr. David Kelly, was found dead. It was a few days after he was cited as a source questioning the authenticity of the dossier on weapons of mass destruction that Tony Blair, British Prime Minister, seemed to use as his catalyst for war on Iraq. This news came after the European, UK and US markets had closed on the evening of Friday the 19 th . It was likely to be a robust blow to Blair’s government and his own standing in the Labour Party. Markets love conspiracy theories and this one had a weekend to brew. Market traders, like Toby, knew they could do nothing about it at the weekend. The pound would surely get mullahed on the Monday morning. If you were short sterling then great, windfall profit coming your way but if you were long then wallop; half a year’s bonus could be down the tube in an instant. Foreign exchange liquidity on a Monday morning in Wellington would be poor. Normally, it would take trades of several hundred million