Gold reaches all-time high in euros

http://jsmineset.com/2010/02/16/gold-hits-new-all-time-high-in-euro-terms/

The Euro is cratering due to concerns about Greece's debt crisis, and looming problems on the sovereign debt of Portugal, Italy, Ireland, Greece, and Spain, part of the (mostly) Club Med countries affectionately dubbed the PIIGS nations. Hence, nervous investors are fleeing the Euro and piling into gold, driving up gold prices to all-time highs when indexed against the Euro. Gold is still below it's all-time high when priced in USDollars, due to recent dollar strength, but that will prove to be a head fake as insolvency among states like California, Illinois, et. al will become more apparent. In fact, the US federal government's fiscal problems will soon become transparent once the media provides more illumination. In other words, the recent flight to safety in the USDollar and US Treasury bonds will prove to be a wrong-way bet. The Euro may be trash, but so is the USDollar.

The bond vigilantes (multi-national hedge funds) attacked the debt and securities of companies and banks in 2008, and now they will put on bear raids against sovereign countries with solvency concerns, betting on their decline. First it was Iceland, then Dubai, now Greece, and eventually the PIIG countries.

Like a pack of predators, they target the weakest countries first, moving up the food ladder as they take out each debtor nation. In my opinion, countries in their crosshairs down the road will include Japan, the UK, and the US.