senior portfolio manager >> joe: bob dahl and chris whelan.is, you haven't told us, at least not yet on air, what's going on. what do you think is happening? you should know something about this. >> bob said it. the world didn't end. gold had been a refuge. >> the way i looked at it i thought it was you have global debt that was so high five years ago in private sector. that was moving to the public sector. the only way they deal with it is by turning the printing presses. if they used it for uncertainty. >> i think they used it as the world's fourth currency. i don't like the yen, dollar, aour roerbgs i'll buy gold. >> for uncertainty, as we said, they used u.s. treasury. >> it was almost like the dotcom days. when you go and see it retail in the way that gold was the last few months. >> and it was momentum play. a lot of people didn't have return anywhere else. generating their own return. it's a relatively small market. >> unless you're in it for the the long term. >> you seem to be hanging on to that. >> inflation is a steady, persistent p