My own thoughts are that, if 'JP Morgan go bottom up', the price of gold will skyrocket - but that's not going to help the world nor 99.99$ of the people in it.
Nor will it help China or the oil-rich Arabs who have reinvested their surplus cash in US bonds.
They certainly are between a rock and the proverbial: They could only get a small fraction of their money out before others joined the stampede and the US$ collapsed.
I've been pessimistic for years and when people accuse me of hoping for the worst I gently remind them that I and friends and family would suffer. But we still have an obligation to do the best we can for ourselves and family and that includes owning gold.
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