Does anyone remember Drexel Burnham Lambert Inc, they were at the time the 5th largest investment bank in the US and defaulted on around $0.6bn of "leased" gold from central banks around the world.
Some Central Banks around the world have leased over 50% of their gold reserves to the likes of JP Morgan, Morgan Stanley etc etc and I'm betting they are getting nervous right now.
The conditions are ripe for a full fledged gold boom. $5000/Oz is certainly possible.
Check this out:
http://query.nytimes.com/gst/fullpage.html?res=9C0CE1DA103BF931A35750C0A966958260&sec=&spon=&pagewanted=all
investment banks have defaulted gold loans...
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