I don’t think that the market yet fully understands the consequences of what just took place over the weekend. Read: Saving Cyprus Means Nobody Safe as Europe Breaks More Taboos | Bloomberg

You’re starting to see a [potentially massive] flight of Russian capital out of the EU. This is only the beginning. The velocity of money will pick up as high net worth investors decide / struggle to determine which jurisdictions (Singapore, Switzerland, Caribbean?) are safest.

eurrub

EUR/RUB Mar 22-25, 2013

This is surely positive for gold.

Anyone who still has an uninsured bank account in the Eurozone is gambling.

Jim Sinclair’s interview here summarizes it neatly.