After some big moves in the equity markets to end the year the Worldvolatility is still at the low level of 4,47% in USD terms. The gold and treasury markets have remained calm in the face of equity turmoil. The level of the long interest rates will be important in the coming year. If the interest rates increase at a steady pace the volatility in the whole financial system can still remain at this low level of 4,47%. A quick sell off in the treasury market would be another story of course.