The Cyprus bank crisis is much ado about nothing. Gold bugs have...

The Cyprus bank crisis is much ado about nothing. Gold bugs have beaten up the Cyprus bank crisis as the beginning of the end. Sites like King World News, Zero hedge, Silver Bear cafe, etc have come out with ridiculous commentaries. Have a look at some of the recent blog headings at King World News -

The financial system is collapsing before our eyes
Cyprus crisis is forcing Benanke to resign
United States may be the next Cyprus
etc

So what has Gold done in response to the system collapsing? It's gone up less than $20 as Gold as it's currently $1608. Seems a pathetic response to the financial system supposedly collapsing!