o, the yen or even gold. But it fell twice last year below the volatility of silver (Chart 6), the world's currency for 400 years. 13 14 15 16 17 n ECB 4 Global Liquid Markets Weekly 124 July 2017 Bankof Amenca 40" Merrill Lynch EFTA00788478 Chart 5: Volatility is a key parameter for safety In