I think the guy's at JP Morgan would be wetting their pants... there is no way I would hold a gold short positions against a wall of German's trying to get out of Euro. Maybe this time round it will be the German's rather than the French who stop the US controlling the POG.
It it is in fact the US standing behind JP Morgan on these shorts, then either the US will be totally cactus or as Mark Faber speculates outlaw the holding of gold -> which will be very bad for Gold ETFs on one side and very beneficial for mining stocks & physical holdings outside the US.
DYOR
Germans lead gold rush frenzy http://www.ft.com/cms/s/0/4c2e9f3c-5fb9-11df-a670-00144feab49a.html
Indias Hindus take a shine to silver http://www.ft.com/cms/s/0/a0badf16-5f87-11df-a670-00144feab49a.html?ftcamp=rss
