Despite he greatest Political Crisis in Europe, there has been “no love fore gold" according the CNBC. Indeed, this crisis does in fact warn that all the theories about gold just might be wrong and are remnants of a generation that remembers Bretton Woods, which now must be 60+. Has time and circumstance changed so much that gold is becoming obsolete?

Indeed, CNBC reports “There is no reason for gold to get any love now because this is a political crisis, not a currency crisis. The primary reason you buy the “barbarous relic” that is gold is fear of a global currency crisis.” They further report that Greeks have a currency, the Euro, which “is next to impossible with the banks closed.

This is an interesting view, but it may be incorrect. Gold has never been a hedge against inflation and when it is "money" it declines with inflation precisely opposite of what the gold promoters claim. One need only look at gold during the 19th century as see that it crashed in purchasing power (declined with inflation) with every new discovery even when it was money.

CNBC does raise a point that I have been making concerning coins rather than bars."Nonetheless, the restricted use of euros is far superior than gold. Just imagine walking into a Greek merchant with a bar of gold and trying to purchase something! Seriously, if you have some gold coins lying around for just such a bunker-busting moment — would a merchant accept those? If, by some miracle the merchant agreed to accept your gold coins, either you or the merchant would need a highly accurate scale to measure the gold flakes necessary just to buy something small like a pack of gum. If they didn’t, you’d have to hunt around for another merchant who accepted gold and sold scales."

So what is going on? Gold is a hedge against government, not inflation and it depends entirely upon the political crisis. In this case, the hoarding of Euros is taking place because it is a fear of a new currency, but not one where the Euro collapses for the average non-financial Greek citizen. This represents the bulk of the problem for gold. It is nothing close to the save harbor portrayed by the gold promoters.

As we move into the final low for gold, we are shaking that tree very hard. During the final stages, the BULK of people will laugh at gold and anyone who says "buy" will be seen as a nut-job. Gold must fall out of favor into to make the decline real insofar as establishing the final low. This is how markets move and it takes place in everything – no matter what.

The gold promoters continue to paint a future with a collapse int the dollar so buy gold. Yet is the future they paint even plausible? A realistic review of gold and the past must be addressed in order to comprehend the future. Has the role for gold changed? If China or Texas issued a gold-backed currency, what would be different from European austerity? We are beginning the production of world reports for 2016 to answer these questions and a lot more. This will be Gold 2016 and Beyond.