The financial crisis of 2007-2008 has sparked the most intense interest in international monetary reform since Richard Nixon closed the gold window at the New York Fed and devalued the U.S. dollar in 1971.
Spot market gold bullion prices fell to two-week lows Friday, drifting lower toward $1,440 an ounce during this morning's London session before dropping sharply through that level, as stocks gained and most commodities fell as the Dollar strengthened against major currencies.
Athens' strikers burnt a giant picture of Angela Merkel dressed as Hitler. Students in Washington threw bags of urine at each other. But in the Eccles Building? "Fiscal policy is restraining economic growth," said the Federal Reserve.
Heading into the weekend, gold looked set for a 1.9% weekly drop by Friday lunchtime in London. This would be gold's second weekly drop in a row, after the metal fell to seven-month lows following Wednesday's publication of the latest FOMC meeting minutes
"It seems that a number of safe haven refuges like gold, the Japanese yen, U.S. Treasury bonds, and the Swiss franc have all been under pressure lately," says Ed Meir, metals analyst at brokerage INTL FCStone.