Regarding the fiscal cliff, Rickards mentioned that tightening fiscal policy (raising taxes/cutting spending) during a depression will hurt the U.S. economy and make the S&P less attractive in 2013. But he remains bullish on real assets (gold) going forward as the U.S. Dollar gets debased by the Federal Reserve. So, similar to 2009-2011, if the dollar breaks down, it will probably be bullish for the S&P in nominal terms. It is interesting that the S&P 500/US Dollar Index ratio actually peaked in early 2011, while the S&P 500 made new highs in 2012. We'll see what happens with economic growth, Treasury yields and inflation in 2013. Fun game. Happy New Year.