Where did the Money Go?

The long term debate never seems to end.  The gold bulls still think that the Fed Balance sheet increases since 2009 mean higher gold prices in general.  The problem is that home buyers in the 2001 to 2008 period bought homes with virtually no money down and paid twice too much for their house.  It is not to difficult to see that the Fed Balance sheet has disappeared into the black hole of mortgage holders, i.e. the banks. etc.. 

We can talk about, we can debate it, we can hide, but the fact is that the long term direction is austerity as we will eventually see the markets own up to the fact that the money is gone because it bought something that was essentially air.