A web page of precious metals prices provider Kitco.com has sparked rumors that Germany will leave the Eurozone and reintroduce German Marks, sending gold to a new record of $1,244 and silver to a multi-year high of $19.64.That this rumor has added more fuel to the gold run just shows how confused markets are right now.
It is this half-ready page shown below that has created excitement as it lists precious metals in Deutschmark units.
Folks, Germany returning to the mark is bearish for gold. The German mark would be viewed as an island of stability. The flight from the euro and gold into the mark would be spectacular. German bunds remain a short-term play on this scenario.