How low can the euro go? Very.

    But while a few market watchers, including Goldman Sachs chief global economist Jim O'Neill, say the number of bearish bets now out there against the euro may give it a little support, even O'Neill is calling for the euro to fall to about $1.20 before it possibly stabilizes. And he's not seeing any great snapback, just drawing the line at those who foretell a collapse.

    One would think the euro's pain would be the dollar's gain. The dollar and the yen have risen against the euro. But these currencies rest on shaky balance sheets of their own, and that is bringing just about everyone back to gold. The yellow metal appears to be in bubble territory, what with 10-gram gold bars now being dispensed from ATMs in Dubai. But it still shines the brightest among the "currencies" and could be buffed further. CLSA analyst Wood sees gold reaching $3,500 minimum an ounce and going "parabolic when the dollar ceases to become the reserve currency."

    Luckily for Jay-Z, he won't lose any cred if he has to stack a few tons of gold bars in his next music video.