Gold Bugs will be Vindicated

When a government goes bust, its paper is valueless: not just its bonds, but its fiat currency as well. On the surface it is different in euroland, because the nation states do not issue their own currency.....The destruction of fiat currencies themselves is becoming more likely by the day. Meanwhile, the weakness of “risk-on” gold has led to a serious mispricing in the market. This has happened because the financial community, sucked into the bond market bubble, has not even begun to discount the debt threat to government paper from sovereign bankruptcies.

                                            ................ Alasdair Macleod