Thanks to the world’s central banks and their efforts to pump the global financial system with a ton of cash, the world is now awash with greenbacks, euros, pounds, and yen.

Remember the good old days when Mexico failed, or Argentina defaulted, or even when Russia caved in?

Back then, in order to bail out our Second and Third World buddies, we were talking a few billion here, a few billion there… maybe one hundred billion at the most.

So if we’re looking for a silver lining in this mess, it’s that we still have friends. And all those times we bailed out Europe and Asia in the face of deafening criticism has proved to be money very well spent. They have now come to our aid - and indirectly, their own, too.

Logically, gold should be trading at $3,000 an ounce today. But sometimes, logic doesn’t matter one little bit - and the metal just isn’t doing that right now. Nevertheless, hope springs eternal for gold bugs - and this time, I think they’ll be right on the money.

Remember… the market always anticipates the future. So while the economy may be heading south for a while, and the Grinch will doubtlessly be making multiple visits this holiday season, the market has already discounted this to some extent.

But with gold, Christmas has come early. You’ll know what to expect when the market retests its low - and if you see the VIX jump to over 65, let that gold bug roam free! If you’re looking for a place to put some of your overvalued cash right now, consider buying some shares of your favorite miner - it’s on sale.