The Euro Plunges to a New Low Against Real Money

Today’s chart is another update on the euro crisis…
 
In yesterday’s edition, we looked at the gruesome downtrend in shares of Germany’s largest bank, Deutsche Bank (DB). And we noted how the European debt disease has spread from troubled “outer” states like Greece and Ireland to the strong core of Germany. This is an ugly development in the European debt crisis.
 
Another development relates to the “myth busting” idea we introduced this summer. Back in June, conventional price quotes were saying the euro #-ad_banner-#was holding steady. But as we showed you, it was actually plunging relative to “real money,” gold.
 
As you can see from today’s chart, the latest round of the European crisis has taken the euro down another notch in value. The currency just struck an all-time low against gold. It’s yet more confirmation that our friend Chris Weber was dead on with his “Greatest Currency Trade of the Millennium” idea.