For “hard money” advocates, this has been a remarkable month. Gold has risen by more than $100, silver has begun to surge, and the headlines are full of news items quite capable of raising public concerns to crisis levels.

In terms of gold and silver, if this mountain of unbacked debt, now reaching several trillions of dollars, Euros, Yen or other currencies begins to truly collapse into an inflationary spiral, we will witness the onset of the mother of all precious metals bull markets.