it's coming...............
Soros added that "there are fundamental flaws that need to be corrected." The core flaw, says Soros, is that the euro is not backed by a political union or joint treasury, so when something goes wrong with a participating country, there is "no provision for correction."
Soros said that it is "probably inevitable" that highly indebted countries will be given a way to quit the euro.
Gold has been the strongest currency in the world in recent years and all major fiat currencies, including the Swiss franc, have fallen against it. Should Greece revert to drachmas, Ireland to punts, Spain to pesetas, Italy to lira and Portugal to escudos, these countries would suffer massive inflation and the price of gold would surge in terms of these local currencies.
Given Soros view that “we are on the verge of an economic collapse” and his oft repeated deep concerns about the U.S. dollar, it is very possible that he is accumulating gold in allocated accounts away from the spotlight of the media and the public.
London Good Delivery gold bars (400 oz) can be bought in volume at much the same prices as the gold ETF. They can be stored at a cheaper cost but have the added advantage of not having to be declared.
Importantly, London Good Delivery gold bars are highly liquid and would be more liquid than ETFs in the event of a systemic crash and or currency crisis. This is one of the reasons that increasingly respected hedge fund manager, David Einhorn, has opted for gold bars in allocated accounts in specialist depositories.
