Time tested economic theory tells us that in a free, unfettered market not constrained by onerous barriers to entry, the long term price of a commodity will approach its marginal cost of production.

FORBES: Gold Sets Up As The Next Great Short

"Many young people now experience long-term unemployment right from the start of their labor market entry, " said Guy Ryder, ILO Director-General, during a presentation of the report's findings.

CNN: Report: Unemployment to rise again in 2013

But there is also a longer-term explanation, based on the weakened power of labour after the entry of countries like China into the global employment market.

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Latvia says it has met the five requirements needed to gain entry into the eurozone, which relate to levels of debt, deficit, inflation, long-term interest rates and having a stable peg to the euro.

BBC: Latvia applies to enter eurozone