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

Tyler Durden's picture

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scratch_and_sniff's picture

Anybody seen where i put that lexicon?

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.