Over the course of the last several years, as gold in dollars is down something like 35% from its high, gold in yen is down only 2%. I think that's interesting.
If you think that the monetary authorities in Europe are going to be tighter, are going to be more hawkish than are the monetary authorities in the United States, you probably would not want to own gold in euros. You probably want to own gold in terms of dollars or in terms of yen. If you think the monetary authorities in Japan are going to expand the supply of reserves of yen faster than the European central bank, or the Fed here, or the Bank of Canada, or the Bank of England, then you would want to own gold in yen-denominated terms.