lol Give them some credit will ya? Last week gold was about the only asset class in the world up year to date?
Last Trading Day=12/29 Last Delivery Day=12/31 If it's going to explode in a supernova, there's not a lot of time left. http://www.nymex.com/gol_fut_termin.aspx
The gold bugs: Guntoting, armageddon-planning, Libertarian, Austrian econ hype hoodwinked, religious... stupid, and each one usually unable to avoid being the cliche. All of that aside, gold and silver are relatively strong compared to all of these other commodity markets, and it will be interesting to see if it holds. Not a bad diversification tool regardless.
spersky may be suggesting that a calendar week is a llloonnngg time remaining for this to unfold, or not.
I think the odds of a default on Dec gold are about nil. I also think the amount of metal available to deliver will keep declining as foreigners keep trading some of the excess US dollars we send them for metal and those with metal to sell balk at selling it. Will it have an effect? Sure, eventually. Next week? Not, IMO.
They are forecasting a 40 to 50% decline in the dollar as a result and are suggesting Japan should write off the debt.
I believe it has a few days left to go, so I don't think its over yet, but I don't see any probability it will default. The last I heard about 40% of the COMEX gold was requested to be delivered in Dec.