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If none of the usual suspects is responsible for gold's sharp rise, what is? We believe it represents an equally sharp decline in the confidence of investors -- large and small -- in the likelihood that Washington will pay back its mounting obligations in undepreciated money.
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Gold is way up over the past few years against all the other currencies also. Does this mean that there is no confidence that any government will be able to pay it debts with uninflated currency?
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