Find all monotonic positive functions $f(x)$ defined on the positive reals such that $f(xy) f\left( \frac{f(y)}{x}\right) = 1$ for all $x, y$.	
1. Given the functional equation:
   \[
   f(xy) f\left( \frac{f(y)}{x}\right) = 1
   \]
   for all \( x, y > 0 \), we need to find all monotonic positive functions \( f(x) \) defined on the positive reals.

2. Let's start by considering the case when \( x = 1 \):
   \[
   f(y) f\left( \frac{f(y)}{1}\right) = 1 \implies f(y) f(f(y)) = 1
   \]
   This implies that \( f(f(y)) = \frac{1}{f(y)} \).

3. Next, consider the case when \( y = 1 \):
   \[
   f(x) f\left( \frac{f(1)}{x}\right) = 1
   \]
   Let \( f(1) = c \). Then,
   \[
   f(x) f\left( \frac{c}{x}\right) = 1
   \]

4. Now, let's analyze the monotonicity of \( f \). Since \( f \) is monotonic and positive, it must be either strictly increasing or strictly decreasing.

5. Suppose \( f \) is strictly increasing. Then, for \( x > 1 \), we have \( f(x) > f(1) = c \). Similarly, for \( x < 1 \), we have \( f(x) < c \).

6. Consider the functional equation again:
   \[
   f(xy) f\left( \frac{f(y)}{x}\right) = 1
   \]
   If we set \( y = 1 \), we get:
   \[
   f(x) f\left( \frac{c}{x}\right) = 1
   \]
   Let \( g(x) = f\left( \frac{c}{x} \right) \). Then,
   \[
   f(x) g(x) = 1
   \]
   Since \( f \) is strictly increasing, \( g \) must be strictly decreasing.

7. To find a specific form of \( f \), assume \( f(x) = x^k \) for some constant \( k \). Then,
   \[
   f(xy) = (xy)^k = x^k y^k
   \]
   and
   \[
   f\left( \frac{f(y)}{x} \right) = f\left( \frac{y^k}{x} \right) = \left( \frac{y^k}{x} \right)^k = \frac{y^{k^2}}{x^k}
   \]
   Substituting these into the functional equation, we get:
   \[
   x^k y^k \cdot \frac{y^{k^2}}{x^k} = 1 \implies y^{k + k^2} = 1
   \]
   Since this must hold for all \( y > 0 \), we have \( k + k^2 = 0 \). Solving this quadratic equation, we get:
   \[
   k(k + 1) = 0 \implies k = 0 \text{ or } k = -1
   \]

8. If \( k = 0 \), then \( f(x) = 1 \), which is not strictly monotonic. If \( k = -1 \), then \( f(x) = \frac{1}{x} \), which is strictly decreasing.

9. Verify \( f(x) = \frac{1}{x} \):
   \[
   f(xy) = \frac{1}{xy}, \quad f\left( \frac{f(y)}{x} \right) = f\left( \frac{1/y}{x} \right) = f\left( \frac{1}{xy} \right) = xy
   \]
   \[
   f(xy) f\left( \frac{f(y)}{x} \right) = \frac{1}{xy} \cdot xy = 1
   \]
   This satisfies the functional equation.

Therefore, the only monotonic positive function that satisfies the given functional equation is \( f(x) = \frac{1}{x} \).

The final answer is \( \boxed{ f(x) = \frac{1}{x} } \).