. Liquidity & Markets. Gold prices. Philip Manduca, the sharp Titanium Capital strategist, says it's time to take profits in the gold market. (Though the long term trend is still up, he added this morning on Bloomberg TV). Speaking of gold, Manuel Hinds and Benn Steil warn about the dollar running out of luck: "The dollar sustained its role as the international standard of value because of good fortune on two fronts. First, the Fed under Paul Volcker hammered out inflationary expectations with a painful but necessary period of high interest rates. Second, there was no viable alternative. It may not be so lucky this time. Today, not only does the euro wait in the wings as understudy, but gold banks have risen in tandem with the dollar’s decline and offer the world a viable private alternative that has permanent intrinsic value".

- Manuel Hinds & Benn Steil: "History's warning about the price of money", Council on Foreign Relations.