Fort Knox U.S. Gold Reserves to be Independently Audited and Assayed? Congressman Ron Paul Pressures U.S. Treasury
by Tyler Durden
Gold has given up much of yesterday’s modest gains and is marginally lower in all currencies except the Swiss franc. The euro has stabilized despite continuing contagion concerns and an existential threat to the euro currency itself.
Gold remains close to record nominal highs in all major currencies but media coverage in the UK, Ireland and Europe remains minimal and skeptical. Focus continues to be almost exclusively on bond, equity and currency markets – with little or no coverage of gold.
The ramifications of contagion and a euro currency crisis which would lead to the price of gold in euros surging has not been covered in the media. This is of course bullish as it shows a continuing lack of understanding and appreciation of gold’s importance as a diversification and a safe haven asset.
The rout in peripheral Eurozone bond markets, and the Greek market in particular, seen yesterday has abated somewhat with prices stabilizing in most markets. Portugal is the exception and its 10 year bond has risen to a new euro era record high of 11.124%.