Gold slumps to $1612 as Germany throws a wrench into the printing press

Germany reminds the world (twice) that it invented the printing press and that it doesn’t plan to use them to print euros.

Suddenly real money has value once again and gold has fallen to $1612 from $1628 in early US trading. Gold has also fallen below the 100-day moving average.

Better support at $1600/08.

At the moment, gold is a pure barometer of how much action the Fed/ECB/BOE will take this week.