Daily Credit Summary: June 24 - Risk Never Left (But Italy Did)

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Thu, 06/24/2010 - 19:28 | 432649 trav7777
trav7777's picture

Italy, bitchez

Thu, 06/24/2010 - 20:02 | 432698 scratch_and_sniff
scratch_and_sniff's picture

Anybody seen where i put that lexicon?

Thu, 06/24/2010 - 23:30 | 432812 Sicilian Stallion
Sicilian Stallion's picture

Italy has a secret weapon called EUR/GLD.  With the highest amount of gold holdings per capita in the world, Italians get richer with each tick down.

Somewhere around EUR 5,000/GLD, Italy will be the richest country in the world.  I say that half-kidding and half-serious.

Someone commented earlier that EUR/GLD will backfire on Italy now that Germany and Europe have their sights on deflation.  But a deflationary collapse in Europe would be a significant positive driver for gold.

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