I think the reason Gold has not yet spiked is because Kitco is jumping the gun. The spot market is saying the high today is only 1921.28 The high in 2011 was 1921.51. All of the stops are above this level. When/if we get there the price will jump a few dollars.
i some what agree with this, the bushfires proved a good example as to why you cant have full cashless system.there were people who couldnt buy food or petrol as the cards didnt work. there were cases of people having to steal petrol to get out of the bush-fire areas, they were filling up and driving off as it was cash only and dumb arses didnt carry cash. In my area a few years ago we had a massive wind storm that knocked out phone towers and phone lines for almost a week. and again people couldnt buy fuel or food. and Im not even in the country. the ATM's were useless and I loaned about $6k worth of cash to friends and family to get them threw it, they didnt have cash on hand. the petrol station stopped self serve to stop regular people trying to steal fuel. it was prety crazy. the Combank failure recently saw a similar problem. they cant go full cashless, they will limit the amount of cash heavily though
Will be very interested to see how the London (opens is a couple of hours) and the NY markets react to the overnight (their overnight) jump in gold and silver.
and when gold was U$35 you could buy yourself a 3BR house in Melbourne on a quarter of an acre for AUD$17,000.
