As you know, gold is making fresh all time highs versus several currencies.
I strongly believe the next wave in this depression is unfolding.
Highlights will be bank runs and bank failures.
I am quite confident that the Greek, Spanish, and UK banking systems are under tremendous pressure.
Why hold Euros in Greek or Spanish Banks?
Transferring them to Germany or France is the logical reaction.
Why own the Pound at all?
The UK banking system may be the weakest link.
Why have any capital in London?
Which major Bank will be the Credit Anstalt?
The seeds (bank credit) of the unfolding depression have been sown, it will unfold.
I expect cascading bank failures and sovereign defaults.

David Fuller's view Yes, gold has pushed to new highs against the euro and sterling.

As I see it and have mentioned previously, now that all but a handful of small countries have embraced either democratic capitalism or command capitalism, and profited enormously from the transition, the global economy has become much more competitive. Inevitably, this has created a more level playing field, with previously poor countries becoming richer and once rich countries becoming poorer.

Formerly very rich countries have greatly compounded their problems with poor governance and are far less well off as a consequence. Most OECD governments abandoned fiscal discipline long ago; too many corporate CEOs ran companies for themselves rather than shareholders; too many banks became the equivalent of casinos; too many families leveraged up their household balance sheets, relying on a property bubble to bail them out.

This is a sad outcome for many but not everyone is similarly affected. For those who have manageable debts or no debts, and some savings, the world remains full of opportunities for both savvy entrepreneurs and sensible investors.