Millions of people are taught every day by Glenn Beck, talk radio, Sarah Palin, and even some elected officials, that the Obama administration is destroying America.
The main reason the western world will never return to the gold standard (unless there is a complete return to barbarism) ...
... is that people in charge aren't about to put half the world's money supply into the hands of the people who buy jewelry. This situation is only getting "worse" for the gold bugs. The last graph showed where the total gold supply is, the next graph shows where each year's mined gold is going.
So, what use is gold, really? It has a poetic, historic role. It never rusts, it is easily divisible, and it is fairly easy to detect fake gold, so, 3000 years ago, until the invention of the printing press, surely, it was the ideal solution to handle the issue of money.
I suspect gold will fall as low as 600 an ounce, maybe down to about 550 intraday, before bouncing back to 800. I also suspect that it will be this, and not anything Glenn Beck says, which will be his downfall, his viewers will resent his bad financial advice.
