jim willie says gold will rally against all currencies:

The last gold rally was led by the United States. The gold price in Euro terms has hardly corrected or budged. Attention is centered upon the European Union, certain to fracture from Parliamentary disappointment, as its monetary foundation suffers a grand erosion in its coastline to the South. Attention is centered upon the European Monetary Union, whose Euro currency will soon be denied usage across Southern Europe. The next round of the gold rally will be led by Europe. The broad advantages of a grand currency devaluation will soon come front and center. Greece, Spain, and other nations will realize the benefits of debt conversion and reduction on the back of returned currencies in the Drachma and Peseta. Then comes steady currency devaluation to enable a competitive position. The common Euro serves as a straitjacket for the distressed nations in the South of Europe. They are stuck, and will surely default one by one.

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