ECB's Chief Warns Situation Is "Very Grave"

By Brian Blackstone

FRANKFURT—European Central Bank President Mario Draghi delivered his sternest warning to date on Europe's debt crisis, saying it could cripple financial markets and the economy unless effective actions are taken by governments.

"We are in a very grave state of affairs and we must not shy away from this fact," Mr. Draghi said in testimony to the European Parliament.

Three months ago, Mr. Draghi's predecessor, Jean-Claude Trichet, told the same group of lawmakers the crisis had reached "systemic dimensions." Mr. Draghi on Monday said "the situation has worsened further" since then.  LINK...

Is Gold The ONLY Safe Haven Asset Left?

Not long ago Switzerland, the once safest place to store money, pegged its Franc to the failing EURO and subsequently fell 10%, now the YEN is at a long-term low, according to ZeroHedge. Everyone knows the USD has lost over 90% of its value since 1971, the big question is where do people go to protect the "value" of their wealth? The stock market, bond market, cash or farmland? Could gold be the only SAFE currency left in the world? If you judge from its performance over the past decade the answer is definitely YES! Part of the reason for this is because gold is the ONLY currency that has NO counter-party risk like government. Take refuge in GOLD dear readers, it will prove to be the safest place for your wealth.   BK

It's Time To Admit The Euro Has Failed

By Michael Sivy
@MFSivy
September 12, 2011

Read more: http://moneyland.time.com/2011/09/12/its-time-to-admit-the-euro-has-failed/#ixzz1Xr3WXoP2
 
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Is there anyplace where your money is safe?  Hmmm...    BK

Is the Swiss Franc to Euro Peg Bullish For Gold?

By Eric McWhinnie


On Tuesday, gold (NYSE:GLD) reached a new all-time nominal high of $1921.15 before falling back below $1900. Silver (NYSE:SLV) futures for December delivery retreated 2.8% to close at $41.86. Even though gold and silver suffer pullbacks from time to time, the bullish case for precious metals (NYSE:DBP) continues to build. Yesterday, the Swiss National Bank decided to surprise global markets and give investors another reason to buy gold and silver.  LINK...
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The only TRUE "safe haven" left...