EU Debt Contamination Deepens In Greece, Portugal And Ireland - Gold Just 2% From Record Nominal High

Tyler Durden's picture

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dbTX's picture

Good to be Portuguese this morning, or something

hugovanderbubble's picture

Thanks to gold Core for updating info & Charts.

 Tyler this market in europe is completly boring...Mega narrow range and lack of volume, better to be closed and get 250 trading sessions world wide homogenous.


* What about that Greek 2yr yielding 26.55%¿)¡¡¡¡  This farce must end ...question is WHEN...Timing is everything is this life.


Tyler and ZH members, feel free to use any chart and info uploaded here...


*** US banks has also European Sovereign bonds and the biggest problem will be faced by Insurance Portfolios and Endowments with Munibonds...Every1 will c, just fasten ur seat belts.


Regards, Hugo



breezer1's picture

$44,893.26 = 300 loaves of bread= damm fine suit.

Racer's picture

Doesn't seem to be bothering the euro too much considering?

hugovanderbubble's picture


Market is completly controlled by Central Banks , doesnt care that Greek Depositors has swapped money from Euro to Swiss Accounts... China is rebalancing the maze...

Irish ones to Australia,UK,Canada and US ....

Spain...who cares Spain lives thanks ultra hidden economy..(roughly 40%)...but big accounts has been transferred to Switzerland and our banks are fully unsolvent in terms of quality and quantity...but again who cares, the system wont allow a Spanish 10 yrs bond yielding above 7% ...or yes...who knows:?=) Its called Financial Terrorism...¡

Racer's picture

Great to be able to feel safe in their hands isn't it 

/sarcasm off

Smiddywesson's picture

"Despite gold being only some 2% away from the record nominal highs seen at the end of April ($1,563.70/oz), sentiment remains lackluster at best with little or no coverage of gold in the international financial press and media over the weekend. "

If anything, the main stream media NOT covering the story tells you which side of the trade to take.  Be very careful to ignore the paper markets during the soverign defaults, central banks are going to try to hammer gold and silver before they engage in panick buying.  I know it feels like this is all over, but it still is going to take a long, long time for the chaos to unfold.

theMAXILOPEZpsycho's picture

I agree with this. I say we have 2 months of accumulation time, then the jig is up, and gold is going to $2000 this year, silver to $70...thats my guess

DosZap's picture

Too bad most of us can't get to Jakarta, Gold was selling for less than $1k per oz US.

Might be worth a trip if you could get it out, or in legally.

Alexmai's picture

A hotspot for the latest, shocking, outrageous news that fits all on one page:

THE DORK OF CORK's picture

 The  Gollum other wise known as Bini Smaghi is following his masters instructions me thinks.

The Evil Eye wants credit deposits to flow into Gold and thus recapitalise its balance sheet.

If they can keep the banks open in Greece , Ireland and Iberia long enough then substantial funds will flow toward the precious.


monopoly's picture

Tyler, nice wrap of what we care about. Please take the day off and do "nothing", just enjoy and relax. We really need you and staff now more than ever.

To all who have lost loved ones in American wars, peace. I returned well from Viet Nam but I know many that never did.

See you in the AM.

Peace would be nice for us all. Lets take care of US. :(

smlbizman's picture

i would now put utah on list of places we need to invade...

serotonindumptruck's picture

Watch out for those Mormons. They are heavily armed. If you are not of their tribe, they are prepared to shoot you on sight.

Kelly's picture

Some of them are heavily armed I'm sure. The tribe and shooting on sight is nonsense. I think you're just a simple bigot.

legal eagle's picture

Too many US soldiers die needless deaths, sacrifices in vane, not because of a lack or heroic noble servicemen and servicewomen, but because our government is ill, no longer sees life as precious, and trades people like pieces on a game board. Our leaders have no soul. Both of my parents were in during Korean War and they agree that this started it all -allowing the president to wage war without Congress declaring war.

PulauHantu29's picture

It is true that debt enslaves a well as a country. Look at Greece.

Bansters-in-my- feces's picture

Just can't help but wonder...??? why..? them countries and Banks don't sell their pesky gold reserves.???
You can't eat gold...
Ask TammyWanger

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Buck Johnson's picture


You know why the market was quite, it was because they need the US market to suck up any problems.  So much of the market kept it's head down until the US market opens for tuesday.