Gold In Euros At New Record As Fears Of European Contagion Get Worse

Tyler Durden's picture

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freethinker4now's picture

Music to my ears..I love the Sound of musiccccccccc

ratso's picture

Finnish finance minister Urpilainen today insisted that the Greek bailout ca only go forward if there are loan guarantees in accordance with the agreements on which the new Finnish coalition government was formed. How this can be done has not been determined.  It may sink the current Greek plan.

nontaxpayer's picture

A mere wool over Finnish taxpayers...a smoke screen so to speak. The bitch will sign. Gold - get you some.

GeneMarchbanks's picture

Well, now that there is Academic proof, I really should consider getting some.

Oxford= Captain Obvious.

RichyRoo's picture

respect the sentiment, but now PhD Economists say...


A.W.E.S.O.M.-O 4000's picture

Are they related to that other Oxford in England? If so they just lost their credibility.

jerry_theking_lawler's picture

nah, they are now related to the oxford in OH and the oxford in MS....they just regained their credibility....

Dr. Richard Head's picture

Just imagine the nominal value of gold when it does reach its bubble stage. Like a priest on viagara during alter boy camp, gold be going up.

weinerdog43's picture

That is a disturbing, yet hilarious analogy.  Well done.

francis_sawyer's picture

That analogy sort of redefines the James Coburn movie line...

"candy @sses & jesus freaks"

Zero Govt's picture

Trichet said last year he would stop contagion.. what's this, no it can't be!!!

razorthin's picture

Again with AH ES gaps and retracements before the open.  They'll never give a good short the satisfaction.

misterc's picture

Errr... looking at the concept of CDS (collateral), am I right thinking that an Italian downgrade would likely trigger a CDS explosion for all the intertwined institutions couldn't possibly put up all that new collateral, just to make up for the downgrade, not even the default itself?

GeneMarchbanks's picture

Um... on the surface it appears so, but(as someone on this board pointed out) it is a game of Calvin Ball and so you gotta keep up with the rules.

Hedge Jobs's picture

eurozone is a disaster. interestingly (on Bloomberg) Iceland just reported a Eurobond auction was twice over subscribed and it now costs less  to insure Icelandic debt than it does Italian or Spanish debt. Seriously, tell these greedy bankers and their paid for politicians to fuck off and like Iceland we might actually start to see a real recovery.

Oh regional Indian's picture

Excellent point. I'm sure that news will not get much coverage.


Sean7k's picture

Wall Street Journal Headline, "CHINA BUYS EUROPE!"

Now, where to put all those europeans...probably could disperse them equally to Africa and South America. I'm not sure if a trip to Italy will retain its' cache, but the prices are bound to be better.

Oh regional Indian's picture

Nice. And all that. But with headlines like this, the can-kickability of the Cartel becomes so obvious.
Oil, PM's, Currencies. That pretty much covers the money front.
Add tin-pot dick-taters, compromised politicians... the works...

So, pretty meaningless. Near Term anything is just so open to manipulation.


MiningJunkie's picture

Gartman just exited half positions because he claims it is now a "crowded trade". Brought to you by the advisor that shorted copper at the lows a couple of weeks ago. Just buy bullion and sit back. As Richard Russell has stated numerous times, this bull will do anything and everything to buck you off.

GetZeeGold's picture


Gartman is such a pussy.....he needs to packup and leave.


oddjob's picture

Gartman can sell half his gold forever. He is truly the most vile shill out there.

hamurobby's picture

If thats "5%", I tote a ten man tent.

FischerBlack's picture

This just in, Oxford economics, using chromatographic spectral analysis, has confirmed with 99% certainty that gold has a yellowish color.

GubbermintWorker's picture

It says that investors should allocate 500 percent of their portfolio to gold to best offset the effects of both inflation and deflation.


There, fixed that for them.

Sean7k's picture

Gubbermint worker and 500% of portfolio, now the national debt is starting to make sense...:)

Sudden Debt's picture

and like that, hedges are created...

Can you put that on paper so I know it has true value? :)


Smiddywesson's picture

Gold should not be 100% of any portfolio.  Food should be the majority of your portfolio.

In a real bad meltdown, which is what any meltdown would be in a fragile society like ours, you would need massive stores of food for each person to last long enough for things to settle.  Food for the win.  It's a risk free trade.

It may only take $5 to dig silver out of the ground, but it takes nothing at all to dig gold out of a withered skeleton's pocket.

mess nonster's picture

Yes , yield upcreep shows the shocking instability of criminal ponzi world- everyone's going gold, in a panic. Yesterday's safe haven was Treasuries, but yield creep will happen there, soon (paybacks are a bitch, except when you default) + (Aug 2, Obama's b-day), so gold is all that's left. Of course there will be NO physical delivery, as all fiat assets get devoured in debt-destruction tornado. All the gold frenzy will do is suck any avaialable capital into another massive black hole, thus adding more pressure to the already inescapable deflationary dynamic happening everywhere real people live, but not in the vampire-banking world, or in ZeroHedge-land, where hyper-inflation continues its rampage across the virtual landscape.

mess nonster's picture

To re-phrase- What does oe call it when your house is worthless, and your paycheck remains the same, (or is less) and any investments (except gold) aren't making any money at all, but food and fuel prices have gone through the roof? Why don;t we just call it "GrapesofWrath-tion"???

mess nonster's picture

To re-phrase- What does oe call it when your house is worthless, and your paycheck remains the same, (or is less) and any investments (except gold) aren't making any money at all, but food and fuel prices have gone through the roof? Why don;t we just call it "GrapesofWrath-tion"???