Cameron Crise, an analyst at Warburg Dillon Read, has tried to do this by making use of equity risk premiums.

ECONOMIST: Test-driving a new model

And the euro will recover against the dollar, argues Mr Crise, only if the gap between equity risk premiums in America and Europe is closed.

ECONOMIST: Test-driving a new model

Most commentators remain bullish on gold and silver into 2012, given a climate of negative real interest rates, high equity risk premiums and continued buying by emerging-market central banks.

WSJ: The End of the Commodities Boom?