Gold up $10 an ounce yesterday. The Dow up 40 points. Meanwhile, the most watched stock index in the world, the S&P 500, closed at a new all-time closing high of 1,890.9. In yesterday’s Diary, we revealed economist and author Richard Duncan’s outlook for the months ahead. You noticed, surely, that it corresponds with our own, at least to an important point. Duncan’s key insight is that asset prices – in particular stock prices – have come to depend on excess “liquidity” in the economy. (We put liquidity in quotations, because it is not clear how fluid QE money really is.