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Why Gold Isn't Skyrocketing on News of the Greece Crisis

In an earlier blog I noted how strange it was that gold isn't hitting the stars even though the EURO is in trouble and the US can't work-out it's debt ceiling. 

In talking to colleagues and some in-house analysis, I think the concern is that if the US dollar or Euro defaults on payments, liquidity is going to be sucked out of the system exactly like it was in 2007-08 and no asset class will be a safe haven. 

Sure, gold will be the 'new reserve currency' but with treasury holders getting snubbed, money market funds dropping, and more banks defaulting there won't be enough money in the system to support the price of gold at $1500.

So even gold may not save us this time around...