The news was enough to lead investors into stocks and also into safe havens like gold. Gold prices had rallied almost 7% in four trading sessions and some mild profit taking weighed on prices, but as the euro continued bouncing, the dollar tumbled and gold zoomed higher for a fifth consecutive session. Traders were also reluctant to abandon the metal when there are still so many questions marks surrounding Europe's solution to its debt crisis. "We still see further upward potential for gold," wrote Commerzbank in a morning note, "as the crisis is not yet fully resolved and there are still substantial risks." "Gold over $1,700 is positive," says George Gero, senior vice president at RBC Capital Markets, "and now needs confirmation for higher open interest, higher moving averages and higher closing prices." Martin Murenbeeld, chief economist at DundeeWealth, still thinks that the European Central Bank and the Federal Reserve will be forced to pump more money into the system to stabilize their respective economies. "The more liquidity that is put in the system, the higher goes the gold price," he said. Murenbeeld also says the U.S. dollar is fundamentally weak, which means central banks might want to diversify out of dollars into gold. That trend has already been seen as central banks have become net buyers of gold rather than net sellers. Murenbeeld says that central banks could collateralize their gold. PIIGS -- Portugal, Ireland, Italy, Greece and Spain -- collectively own 3,000 tons of gold. Italy, which owns the most at 2,400 tons, has a history of using gold as collateral. "I don't think the gold will come on the market but that it will be collateralized." Tongue and cheek, Murenbeeld speculates this could be a way to get China interested in helping Eurozone countries, swapping gold for cash.