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few years ago, Isabel Huerta, a mother of two living in Valencia, would never venture into a branch of Spain’s leading department store, El Corte Inglés, on a Saturday. “It was always so crowded,” she says. “You couldn’t even get inside the changing rooms.” Not any more. Nowadays, you can drop into any of the four stores in the city on a Saturday afternoon and browse in peace. The aisles, she says, are almost empty. Assistants pursue the few customers that do bother to show up around the shop floor, doggedly chasing an increasingly elusive sale.

Financial markets have become increasingly obviously highly dependent on central bank policies. In a follow-up to Incrementum's previous chartbook, Stoerferle and Valek unveil the following 50 slide pack of 25 incredible charts to crucially enable prudent investors to grasp the consequences of the interplay between monetary inflation and deflation. They introduce the term "monetary tectonics' to describe the 'tug of war' raging between parabolically rising monetary base M0 driven by extreme easy monetary policy and shrinking monetary aggregate M2 and M3 due to credit deleveraging. Critically, Incrementum explains how this applies to gold buying decisions as they introduce their "inflation signal" indicator.