Matt—so what you're saying, essentially, is that you agree with me.

There IS a word to describe what my views on gold have been over the last year or so. And that word is "correct." And there's also a word to describe your views on the shiny metal. And that would be "confused."

While I'm not sure I'd be putting a ton of stock in how the hedge funds are invested right now (after all, hedge funds got crushed as much or worse than the rest of us last year), I certainly get the sentiment. If you look at the lay of the land: 1) you've got to be incredulous at the current bull run (the rule of thumb is that you come out of a bear market flat and deflated [emotionally], and we're still on a roller coaster; 2) we are staring an incredibly inflationary dollar-bearish market in the eyes right now. And THAT, my friend, is gold bullish.

So while I'm the first to admit that anything can happen, if you look at the lay of the land, you've got to think that there's the possibility at least, that gold bullion could go straight to the moon ... and that commodities generally and EM more broadly, don't feel like bad tilts in this environment.

But what do I know? Hougan has SHOWED us his mastery of the commodities space in other blogs.

On the yuan, I think I pretty much said what I feel ... and that is that YES, this is a MACRO LONG-TERM observation (along the lines of, say, "oil is running out"). But even in the middle term, you've got to like Asian currencies. And you don't need to put it all in cash ... you can also get some of that exposure through regional equities.