Two points in ten years that line up, (prior to 2011), to me does not create a trend. To me, it seems that there is not one channel. (why does there have to be ONE 10 year channel?

There appear to be two channels...the first from 2001 to 2005-6...the second is an accelerated channel from 2005-6 to present (and into the future?)

A constant slope channel indicates a constant rate of acceleration (A). (ie. the Force of new money is coming into the market at a fixed rate (F) and F=mA, says that Acceleration is proportional to Force.

Change of slope on a log chart indicates a marked change in acceleration, which makes sense to me from a fundamental perspective. It means that in 2005-6, new players entered the market, Russia? ETFs?, China?, India? Short-covering?...and the new buying Force is now greater than between 2001-2005. Was that when QE really started?

On the supply side, it might be, when governments ran out of physical and stopped dumping...whatever the cause...

This market (to my thinking) is clearly in a different phase since 2006. New phase, new Forces, new channel!

Once again, jmho.

lotus petals,

gildage