Gold Is Only Winner in Euro Crisis

As the euro struggles from crisis to crisis, it isn’t hard to identify the losers.

Peripheral country bonds have been hammered. Equities have struggled to make any progress all year. The main euro-zone banks have had to make huge write-downs on their holdings of Greek debt and have seen their shares collapse in value as a result. The euro itself has started to fall in value against other currencies, and almost certainly has a lot further to go.

But where are the winners? After all, all that money has to go somewhere.