So you are drawing quite a bleak picture, you've talked about the deflationary environment. Is there anything that's safe? Any assets?

This is a period of great uncertainty, so nothing is very safe.

Gold?

Well, gold is the only actual bull market currently, just made a new high, uh, I think yesterday. And the present circum-stances that may continue. It will be very interesting to see whether there will be a decline in the next few weeks because practically everything that makes a new high almost immediately afterwards reverses and disappoints the bulls. That's ...

For psychological reasons, you think?

No, I think it's the current situation, uh, so it will be interesting to see. But I called the gold the ultimate bubble, which means that it may be going higher but it's certainly not safe and it's not going to last forever.