Gold hits record against euro on fear of Zimbabwean-style response to bank crisis

where is soveirgn mearsk and all the anti gold people lately! been pretty quiet!

Gold has surged to an all-time high against the euro, sterling, and a string of Asian currencies on mounting concerns that global authorities are embarking on a "Zimbabwe-style" debasement of the international monetary system.

By Ambrose Evans-Pritchard
Last Updated: 8:49PM GMT 17 Feb 2009

Billionaires are stashing boxes of krugerrands under the floors of their Swiss chalets.

http://www.telegraph.co.uk/finance/4...nk-crisis.html

Billionaires are stashing boxes of krugerrands under the floors of their Swiss chalets. "This gold rally is driven by safe-haven fears and has a very different feel from the bull market we've had for the last eight years," said John Reade, chief metals strategist at UBS. "Investors are seeing articles in the press saying governments should deliberately stoke inflation, and they are reacting to it."

Gold jumped to multiple records on Tuesday, triggered by fears that East Europe's banking crisis could set off debt defaults and lead to contagion within the eurozone. It touched €762 an ounce against the euro, £675 against sterling, and 47,783 against India's rupee.

Jewellery demand – usually the mainstay of the industry – has almost entirely dried up and the price is now being driven by investors. They range from the billionaires stashing boxes of krugerrands under the floors of their Swiss chalets (as an emergency fund for total disorder) to the small savers buying the exchange traded funds (ETFs). SPDR Gold Trust has added 200 metric tonnes in the last six weeks. ETF Securities added 62,000 ounces last week alone.

read the rest of the article here.
http://www.thetreeofliberty.com/vb/showthread.php?t=48771