"There are, to be sure, plenty of ways gold could rocket back up. The ECB talks tough, but the plans of the nations they hope will rescue the euro do not inspire much confidence. If it's really a crisis of existence, will the ECB sit back and allow a fracture? And what will be the reaction of policy makers and central bankers globally to the waves of deflation that will flow from Europe's chosen austerity?
"Either way, gold should continue to be highly volatile, a good indicator of how uncertain we are, collectively, about the solution to our economic fix."