I have received a lot of emails about how the gold bugs have now adopted the ECM date for the turn in gold and how governments are planning to roll out alternative financing of debt. India plans to issue a gold backed bond, and last Wednesday the state of Saxony-Anhalt issued its first dollar bond with a maturity of three years and a negative return – but denominated in U.S. dollars. As a result, the government in Magdeburg promises a profit equivalent to €1.5 million euros, using dollars as the hedge against the euro. This is starting to get very interesting, to say the least.
