All this EU bailout talk can actually turn into reality with heavy ECB printing of euros. The gold spike (in terms of the euro) is saying the market understands this.
It seems everyone is buying gold, except Noriel Roubini. And he's not buying because you can't put it in a ham sandwich. Nouriel Roubini:
"You can't eat gold."
I once ran into Roubini in NYC, when he was still a cab driver, and tried to explain to him that just because you can't put something in a ham sandwich doesn't mean it can't have value, but I guess for him he's keeping his money in the form of ketchup packets.
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