Gold seems to be headed for flat to negative. Silver is already down. If the precious metals cannot rally on Cyprus event, they are done for good. Maybe in another 20 years, they might become relevant again as investments.
Watch the price of gold in Euros to see whether, or not, gold rallies. In the USA, we are likely to see a rise in the USD as European money flees the Eurozone. UUP and EUO should do well. Might even get some bank run contagion in the USA, a portion of that could go into physical bullion. Do not see anyone getting excited about owning paper anything in any financial institution at this juncture. Once the politicians engage in open theft; its game over for confidence.
" In the USA, we are likely to see a rise in the USD as European money flees the Eurozone"
Now see? This illustrates the cautions I’ve been expressing for years. You simply cannot say that the collapse of the US dollar and soaring of gold is imminent. Here you excuse another delay in the “end of the world” because of the collapse of the Euro. Which, if you think of it, is not such an unforeseen event. Again, we should be careful about demanding that, for us, gold is going to the moon imminently.