3 Figure 6: Gold downside to result from US Fed normalisation Index 85 90 95 100 105 Jul-2015 10 20 30 40 50 60 70 80 90 Aug-2015 Sep-2015 Oct-2015 Nov-2015 Dec-2015 Gold (indexed to 100, lhs inverse scale) Silver (indexed to 100, lhs inverse scale) EFTA01476147 Market-implied pr