"We now see ... wolfpack behaviors, and if we will not stop these packs, even if it is self-inflicted weakness, they will tear the weaker countries apart," Swedish Finance Minister Anders Borg told reporters in Brussels before the EU meeting."

You can say a lot of negative things about these measures, att least this is a blow to the speculative mega-hedgefunds. I am happy about that. They will have to look elsewhere to create destruction with their CDS betting practices. I also hope that some of these speculative forces have incurred severe losses on their positions.

What is clear is that that these measures will lead to inflation starting to accelerate. So fear of contagion as the driving force behind gold buying will be replaced by inflationary fears as the main driver to hoard gold and silver.