Cyprus Banks in Trouble Wow... This is an unbelievable situation... They are likely going to take a percentage of all deposits in banks in Cyprus to get the bailout from the EU... Imagine finding out that the government is going to just take a chunk of your bank deposit, and there is nothing you can do about it... This is the problem with fiat currency... I would suspect that this will create a run on the banks in other systems closely related to Cyprus... I sure as heck would pull my deposits and fast, and find a better place to protect them... Gold should benefit strongly as a result, but this could turn into a serious financial situation as masses of people start to distrust the banking system.
Good luck to all
Cussy, the Windsurfer:)