Because your entire fucking continent is imploding. Rumors are circulating that Germany will announce this weekend that it is leaving the EuroZone (which would make it insane amounts of money, especially if it shorted the Euro first). It may or may not happen, but either way liquidity in EU is so fucked right now that it's almost impossible to grasp. The 1.25 trillion euro bailout (which seems to be growing in size every day) is likely to not happen at all, since France and Germany are likely not going to participate in it, and the UK's CDS spread is so huge now that Ron Jeremy is jealous. Oh and that bailout deal? It was made in the several hours span when the UK had no government and the German Finance Minister was in the hospital. Yeah, that's a real winner. The austrian mint has announced that there is a run on gold coin and buillion. In the last week there has been more sold than in the last quarter (possibly 2 quarters). They are on the verge of running out. Similar reports are coming out of Germany that physical inventories are being sucked dry, and people are buying any physical they can get their hands on. Of course it's just gold, right? Er nope. Silver too. Runs being reported across Austria-Germany, so much so that the largest single online retailer has had to shut down its website because it has nothing left to sell. What does this tell us? Note, that there is no run on banks. Why? Because the money in the banks is not viewed as valuable. The Euro is now essentially worth nothing, and it's a dead currency walking. When a fiat currency loses value a non-fiat currency that functions as a barter medium will always replace it naturally until a new fiat currency is in place. And if the new fiat currency isn't trusted, the old one will remain in place. Fiat currency requires the trust of the people. When your currency has lost 20% of its value in 6 months, and over the last week has lost 10%+ of its value, and is heading towards pairity with the dollar... well, you're in deep shit.