Return Of The Gold Standard As World Order Unravels -- The Telegraph
As the twin pillars of international monetary system threaten to come tumbling down in unison, gold has reclaimed its ancient status as the anchor of stability. The spot price surged to an all-time high of $1,594 an ounce in London, lifting silver to $39 in its train.
On one side of the Atlantic, the eurozone debt crisis has spread to the countries that may be too big to save - Spain and Italy - though RBS thinks a €3.5 trillion rescue fund would ensure survival of Europe's currency union.
On the other side, the recovery has sputtered out and the printing presses are being oiled again. Brinkmanship between the Congress and the White House over the US debt ceiling has compelled Moody's to warn of a "very small but rising risk" that the world's paramount power may default within two weeks. "The unthinkable is now thinkable," said Ross Norman, director of thebulliondesk.com.
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My Comment: A €3.5 trillion rescue fund to ensure the survival of Europe's currency union .... yeah right .... I have trouble seeing countries like Germany willing to sacrifice even more in order to give a break to the dead-beats in Greece and elsewhere. In the end ... maintaining all of debt is not sustainable .... hence everyone is now looking for safe havens and gold (for the moment) is providing it.
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