"I'm long the S&P 500 because I don't think the Plunge Protection Team will let gold outperform the S&P 500 in 2012, as it currently is on this ratio chart:"
Goldman is, in all practical senses, the Exchange Stabilization Fund because ESF is only a brokerage account. There is no fund in terms of what one thinks a fund’s office should look like. Read the law.The President or US Secretary of the Treasury may appoint ANY person or entity to act on their behalf as the manager of the Exchange Stabilization Fund. The Exchange Stabilization Fund has a broad mandate that allows it to trade many things including GOLD.
And buy stocks, of course.