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.