[LehmanBr]

Gold Versus the DXY

• Negative correlation between gold and the DXY has broken down again in 2009.

• Similar to 2005 when both instruments rallied together.

• Re-monetization of gold in effect while risk aversion theme drives investment decisions.

• Gold Breaks Out Against Most Major Currencies

• Gold is not just in a long-term uptrend in USD terms.

• Recent breakouts have been registered in USD, EUR, CHF and CAD terms.

• Monetization theme: gold is trading like a “currency”.

• Investors turning to physical assets in times of elevated uncertainty and risk aversion.