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US economy goes to the dogs, i.e. back into recession, but the money printing causes inflationary expections to take off. Under that scenario, hedge funds will make a bet that the gold stocks will outperform the general stock market (although both might go up or down) and put on a ratio trade which I guess will be long HUI, short S&P. I heard this possibility mentioned on some webcast or other but can't remember where :(
