As the wheels come off in Europe, be prepared to take advantage of any pull-backs in physical gold, silver, platinum, and in mining stocks.

Volatility is high as rumors circulate about the latest bailout plan, change in leadership, and massive public demonstration. Do not let this fool you: governments will create the currency to kick the can down the road. It's a game of musical chairs, and nobody wants the music to stop on their watch.

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In early September, gold was over $1900, and seemed ready to push for the $2000 level. By the end of September it had fallen to $1650, after dipping as low as $1550. Since then, it has continued to trade in the mid-1600s. Is this the beginning of a gold crash? Is the "gold mania" now behind us?

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Thanks to a comment from reader Michael H, I tracked down Yale professor Robert Shiller's long term home price series and repriced it in gold. This has been added to the US Home Prices chart page.

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The last few days have been a wild ride for investors. With cracks in the Eurozone widening, new Fed promises of ultra low interest rates for the foreseeable future, riots spreading across the UK, and continuing unemployment in the US, there can be little doubt that massive currency debasement is now "baked into the cake".

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The last week has seen a series of new lows for the USD, ending at 19.42 mg on Friday. A lack of agreement on raising the US debt limit, terrorist attacks in Norway, and a massive 3 notch cut in Greece's credit rating by Moody's all contributed to an additional spike down over the weekend. The EUR also made new lows last week, as did the JPY. The CAD is hovering just above its all time lows, as well. All of these currencies are down strongly from a year ago, 25% for the USD, and about 17% for the others.

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I've been studying the US Dollar lately… Looking at where it's been, and wondering where it may be headed in the future.

In February of 2001, the US Dollar would buy about 121 mg of gold. In March of 2011, it will buy about 22 mg of gold, a decline of 82%. This drop has been gradual, and the intervening years have been filled with the sell-offs and rallies that are common to all markets. This period has been characterized by massive and growing public and private debts, central bank manipulation to keep interest rates artificially low, and the creation of trillions of new dollars to keep the financial system liquid and stave off recognition of personal, corporate, municipal, state and federal bankruptcies.

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The other day, I was writing an email to a friend and the following rant somehow slipped in. After re-reading it, I decided to post it here, and expand on it in the coming days.

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