I wrote my post, presuming anyone who might follow such a strategy was sophisticated enough to understand what risk is. Risk can be hedged. Risk can also be cal

I wrote my post, presuming anyone who might follow such a strategy was sophisticated enough to understand what risk is. Risk can be hedged. Risk can also be calculated. You're right that gold is not the same as USD. It is less risky. You'd do well to not tell me what I believe about various asset classes, especially when it is clear you have not even read the original comment I made. By definition, people engaging in arbitrage are being paid to take the risk that the arbitrage might fail. The idea that there is such a thing as a risk-free form of property is fallacious. Thus your arbitrary demand that I be talking about something risk free is an impossible standard (and quite off the point... but then, maybe derailing the possibility of sophisticated financial discussion was your goal?) I mentioned hedging risk, and everything else you've brought up in my original comment.