A country needs Gold. If one assumes that all the PIGS will sell all of their gold... some of which has been accumulated over centuries and today and always will be a symbol of true wealth (never mind India and China)... they will be in for a big surprise. They will get out of the Euro before that happens because if they are “forced” to sell it all... they know that it’s over. .. so why go there?
There’s just too much history in the wealth that is represented by gold. Never mind that it’s always a fair trade for currency.
GWH