2012-06-30marketwatch.com

Most of the time, there is a global argument going on between the people who want inflation and those who don't. Whether prices rise or not depends on who wins.

Until recently, the balance has been about even. Of the major developed countries, the U.S. and the U.K. have been firmly in the pro-inflation camp. Europe and Japan were in the anti-inflation camp.

But right now, that power balance is shifting. Europe and Japan are about to switch to inflation. That will have huge implications for the markets. Such as? Property and blue chip equities will do well. Bonds will do badly. Most of all, gold will spiral up into the next phase of its bull run.


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