This article is about as bearish as it can be while acknowledging the obvious position gold has re-asserted as a bedrock of the global financial world. For example, when it talks about the proportion of gold reserves of some countries, such as Portugal, being "too high", this is total nonsense. When the total liabilities of each country's banking system (all of which are de facto backstopped by the central banks) are taken into account, no one has meaningful official gold reserves. And certainly not the "PIGS" countries.

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