Wow what a week, and what a ride for the Bitcoin! After watching the exchange-rate plunge beneath $60 on Monday, this little-engine-that-could started climbing back, pushing past $75 on Wednesday, $95 on Thursday, and then to $138 early Friday morning before pulling back to its range this afternoon of $125. So why the resilience? In my opinion its the very same macro picture that sent it soaring over $200 earlier this month; an incredible thirst for safety in a world awash with debt, combined with a growing realization that this 40 year experiment with fiat money is not going to end well.

Now add to the mix the blow-back caused by the extreme intervention in the monetary metals -- PHYSCAL silver and gold have gone AWOL! Investors aren't running from silver and gold, but from paper to physical, creating an unprecedented global run on physical silver and gold. Here in Vancouver the two largest gold dealers (VCB and J&M) are quoting two week delivery delays for recognized gold bars and coins. And if delivery delays are about to become the new normal, we can expect even more demand and longer line-ups. So your banker needs a bail-in and your bullion broker is tapped-out. Hmm, where to go, what to do ...