Gold is skyrocketing this week.

Gold neared $1,250 per ounce today as investing continues to move away from fiat money.

Pham-Duy Nguyen reports at Bloomberg:

The metal reached an all-time high of $1,249.70 an ounce in New York. The euro fell to a 14-month low against the dollar amid speculation that cost-cutting measures by European nations will undermine economic growth. Yesterday, former Federal Reserve Chairman Paul Volcker said the euro faces “disintegration.” Gold priced in European currencies also climbed to records. “This is euro-generated panic buying,” said Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago. “It’s not a good situation for the Europeans. They see continued erosion of their currency, and they’re buying gold.”

It was called “nuts” when gold reached a record of $1,235.20 earlier in the week soon after the Federal Reserve and European Central Bank committed to printing fast funny-money to bail out international banksters in what’s dubbed the ‘Greece bailout’. The first invoice for the bailout shows $9.2 billion coming from the Fed.

The plummeting euro “will reach $1.15 by December and $1.10 by the end of 2011, UBS said, trimming its previous forecasts for the currency to trade at $1.30 and $1.25, respectively”, Candice Zachariahs at Bloomberg today. It fell blow $1.2388 today. Here’s the downfall, as posted by “Tyler Durden” at Zero Hedge: