Definition: Fiduciary - A person legally appointed and authorized to hold assets in trust for another person. The fiduciary manages the assets for the benefit of the other person rather than for his or her own profit. (from Investopedia)
With all the chop and antics in the gold and currency markets, we need to remember a few things.
The logical fallacies and assumptions that are the foundation of the current financial system are just that - fallacies. The system is a house of straw and the wolf is coming with a new set of lungs and a bad attitude.
The comfortable few on the top of the financial heap are not interested in reform to the system that has allowed them to ascend to "their rightful place".
This attitude is quite apparent when one speaks with various executives, they are clearly made from better stuff than the rest of us in their view.
A bankruptcy of sorts for the Greeks is inevitable. Even the new finance minister admits that fact. What has not been stated is bankruptcy (or more correctly bond defaults) are also inevitable for Italy, Spain, Portugal, and perhaps France.
Once the market gets a realistic sense of the dangers lurking, expect gold to benefit greatly. Bond yields near zero (and below in some cases) surely will cause a rethinking of asset allocation toward precious metals.