In the interim, the ECB has been forced to water down its charter as it permits sub-investment grade Greek bonds as collateral.  Sadly, the central bank is not a remake of the Bundesbank and the Euro is less of a “hard currency” than its architects could have ever envisaged a decade ago.  Now there is talk that the ECB is contemplating a quantitative easing plan (see ECB Should Resist QE Siren Call on page C14 of the WSJ).  The case for gold heading to $3,000 an ounce is getting stronger by the day.  The Euro has already broken below 1.30 to the U.S. dollar and there is plenty of room for additional decline going forward. It’s only at a one-year low — wait until it moves to a decade low.