silvio berlusconi said the global stock markets may be shut down while the world's leaders work out a new "bretton woods" agreement. that isn't some hard money advocate talking; he's the prime minister of italy. if that happens, we can expect gold to be re-valued higher overnight. how much higher is anyone's guess, but it would explain why no bullion or coins dealers are willing to sell any gold (or silver.)

i don't know when or if this will happen, but keep an eye on the australian and japanese markets tomorrow night. if they open for business as usual, chances are the rest of the world's markets will do so on monday, too.

Oct. 10 (Bloomberg) -- Italian Prime Minister Silvio Berlusconi said political leaders are discussing the idea of closing the world's financial markets while they ``rewrite the rules of international finance.''

``The idea of suspending the markets for the time it takes to rewrite the rules is being discussed,'' Berlusconi said today after a Cabinet meeting in Naples, Italy. A solution to the financial crisis ``can't just be for one country, or even just for Europe, but global.''

The Dow Jones Industrial Average fell as much 8.1 percent in early trading and pared most of those losses after Berlusconi's remarks. The Dow was down 0.5 percent to 8540.52 at 10:10 in New York.

Group of Seven finance ministers and central bankers are meeting in Washington today, and will stay in town for the International Monetary Fund and World Bank meetings this weekend. European Union leaders may gather in Paris on Oct. 12, three days before a scheduled summit in Brussels, Berlusconi said today, while Group of Eight leaders may hold a meeting on the crisis ``in coming days,'' he said.

Berlusconi didn't give any details about what kind of rules leaders were looking to change, except to say that leaders are ``talking about a new Bretton Woods.''

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