Gold Fundamentals – Macro  Level of Indebtedness

Source: Gabelli Mathers Fund

Total Credit Market Debt (All Sectors) As % Of U.S. GDP

00

15

300%

280

260

240

220

200

180

160

140

120

100

300%

280

260

240

220

200

180

160

140

120

100

25

35

45

55

65

75

85

95

Debt

Bubble

20

30

40

50

60

70

80

90

295%

Debt

Bubble

00

265%

Debt $31.0 trillion

GDP $10.5 trillion

1929 Stock

Market Top

2000 Stock

Market Top

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