Gold At $1,602, Silver Over $40, To Launch Another Risk Off Week

As expected, gold is now over $1,600, after fears about Italy are back, the EUR is tumbling, and questions over the sustainability of fiat and Keynesianism are once again front and center. Elsewhere, silver is over $40. Unless a miracle appears out of nowhere to save the Eurozone and its fake paper currency, we expect $2,000 by the end of the year in gold, while silver should promptly regain its all time nominal highs of just over $50.