anna straley, you have the market saying there is probably an argument when we get down to 50 basis pointswhere we get down to 75 basis points. if that gets questioned, this divergence is questioned effectively and that is what causes that issue. you had the s&p trading just over 17 times consensus. riskyou've got the equity premier, it has obviously fallen and quiteply volatility across the market, very subdued across the moment, you are going to pay up. the other situation is that the positioning in the markets is not overly stretched. you can have a look at optionality. you can have a look at the traders report, traders futures, net long contracts. i don't think positioning in equity markets is overly stretched. you have this huge divergence, but that is just formed by liquidity and the fact that we have such a bond yield which has pushed people into equity markets. equity is a function of what you are seeing in fixed income. paul: is it wise to be increasing and outpatient of gold at the moment, and is that what we are seeing, fear? >> i would not necessarily safe fear. i would say gol