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Greeks Turn Savings To Gold And Perth Mint Silver Coin Sales Surge To Record On Safe Haven Demand

Tyler Durden's picture




 

From GoldCore

Greeks Turn Savings to Gold and Perth Mint Silver Coin Sales Surge to Record on Haven Demand

Gold is lower in dollars but higher in euros and has reached new
record highs in pounds sterling at £958.25/oz. Gold is being supported
by strong and increasing demand internationally. 

Sterling has fallen after the BoE minutes raised concerns of further
quantitative easing and currency debasement. The Bank of England looks
increasingly likely to maintain its ultra accommodative monetary
policies. Interest rates may continue to remain at multi century lows
and the BoE is again considering more printing of money to buy
government debt.

UK Interest Rates – 1700 to Today

Despite Papandreou winning yesterday’s vote, the Greek parliament
must now approve the austerity measures and this is leading to
continuing nervousness in markets.

Cross Currency Rates

European equities have been sold this morning and Italian, Portuguese
and particularly Irish debt are under pressure showing that the risk of
contagion remains real. There remain many possible impediments to a
solution to Greece's and the Eurozone’s sovereign and banking debt
crisis. That is, if indeed, a solution is possible given the scale of
the crisis and the fact that it is systemic.

Gold in British Pounds – 30 Days (Tick)

Gold and silver’s increasing safe haven status is seen in news from
the Financial Times (front page) and from Bloomberg today (see news).

The Financial Times reports that “Greek citizens are emptying savings
accounts and buying gold as they brace themselves for the possibility
of a sovereign default and a run on the banks.”

Sales of gold coins have soared as savers seek a safer and fungible source of value, says the FT.

“When the global financial crisis started, our sales of coins to
investors overtook bullion for the first time,” said Harry Krinakis, at
Sepheriades, a Greek precious metals trader. “Now the sales ratio has
reached five to one.”

Tomas, a computer technician, has exchanged his euro savings for gold
coins: “I keep them at home just like my grandmother did in the second
world war.”

Athens Stock Exchange General Index – 10 Years (Weekly)

Gold is again being seen in Greece as an essential store of wealth, hedge against inflation and safe haven asset.

This is not surprising given the scale of the crisis and the sharp
falls seen in Greek property and equity markets (see chart above).

The fact that gold cannot default or go bankrupt unlike every single
corporation, bank and government in the world is making it the safe
haven of choice again.

There is also the important fact that it cannot be debased by bankers and central bankers unlike currencies and bonds.

Greece is the canary in the coalmine and the likelihood is that what
is happening in Greece today, people using their cash deposits in banks
to buy gold bullion, will be seen in many other countries in the coming
months.

Indeed, news from the Perth Mint of record sales of silver coins is indicative that this trend has already begun. 

Bloomberg reports that “Silver-coin sales from Australia’s Perth
Mint, which was founded in 1899 and processes all of the country’s
bullion, have surged to a record as buyers seek to protect their wealth
with the metal known as poor man’s gold.

The mint sold 10.7 million 1-ounce silver coins since July 1 last
year, according to Sales and Marketing Director Ron Currie. That’s 66
percent higher than the previous full fiscal year and about 10-fold more
than five years earlier. Sales of 1- ounce gold coins will be close to a
record, he said. 

Confirming robust demand internationally, UBS said that its gold
sales to India have increased significantly and that sales of gold coins
and bars in Europe have also accelerated in recent days.

GoldCore has seen a marked increase in sales last week and this.
Silver in particular had seen a sharp drop in sales since late April but
buying renewed again last week. Renewed buying comes after a long
period of hesitancy on behalf of many clients since the sell off at the
end of April led to heightened concerns that the “bubble” had burst. 

Yet another indication, if one were needed, that gold is anything but
a bubble comes in the news that the People’s Bank of China is planning
to double its issuance of gold bullion Chinese gold coins.

Both the FT and Bloomberg report that the People’s Bank of China
plans to issue about 1 million ounces of its 2011 panda gold bullion
coins compared with plans at the end of last year for 500,000 ounces of
the coins.

Gold is far from being a bubble. Bubbles witness investors and
speculators greedily piling in in expectation of making quick profits.
It is quite the opposite today as risk and concern is leading to
diversification into gold and buying of gold bullion as a long term
store of wealth internationally. 

Today, those buying gold and silver are increasingly protected due to
the floor being put under precious metal prices due to Indian, Chinese
and Asian public and central bank buying of gold.

SILVER 
Silver is trading at $36.09oz,€25.07/oz and £22.37/oz. 

PLATINUM GROUP METALS 
Platinum is trading at $1,740.00/oz, palladium at $763/oz and rhodium at $1,925/oz. 

NEWS
(Financial Times)
Greek savers rush for gold

(Bloomberg)
China Central Bank Plans to Double Issuance of Gold Panda Coins

(Business Week)
Gold May Gain in New York on Weaker Dollar, Europe Debt Concern

(Reuters)
PRECIOUS-Gold steady ahead of Fed, near 2-week top

(Business Week)
Silver-Coin Sales Booming at Perth Mint on Demand for Haven

COMMENTARY

(GoldSeek)
http://news.goldseek.com/GoldForecaster/1308618000.php ">Gold on the brink... of what?

(24hGold)
Kunstler: Man Down

(ZeroHedge)
Things That Make You Go Hmmm.... Such As The 10 Steps To Realizing You, Or Your Country, Is A Debt Addict

 

 

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Wed, 06/22/2011 - 08:11 | 1391246 Ray1968
Ray1968's picture

And PM futures opened down. Way to suppress the "free" markets guys!

Is it time for another margin hike yet? (Yes I'm bitter)

Wed, 06/22/2011 - 09:30 | 1391407 traderjoe
traderjoe's picture

Why are you bitter? Are they not offering you an opportunity to buy more now?

Wed, 06/22/2011 - 12:17 | 1392065 Long-John-Silver
Long-John-Silver's picture

Take advantage of this clearance sale on PM's, while you can still get physical metals.

Wed, 06/22/2011 - 08:09 | 1391249 Michael Victory
Michael Victory's picture

Gold is in a bubble. </sarc>

Six Gold Myths

 

Wed, 06/22/2011 - 08:08 | 1391250 AUD
AUD's picture

The Perth Mint gets most of its silver loco London, in other words it is mostly imported rather than mined in Australia.

So much for the shortage of silver.

Wed, 06/22/2011 - 08:20 | 1391257 WestVillageIdiot
WestVillageIdiot's picture

All of the silver mined in a year would sell for about $31 billion with today's prices.  The U.S. currently runs that amount as part of its budget deficit every week.  Everybody needs to remember, "That's all it takes, really.  Pressure and time.  That and a big god damn poster" to free yourself from the prison around you.  Most of us have been busy with our little rock hammers digging through the bu--shit.  The question is, "will we come out clean on the other side?" 

Wed, 06/22/2011 - 09:21 | 1391386 RockyRacoon
RockyRacoon's picture

Captain Hadley: "Uncle Sam. Reaching into your shirt and squeezing your tit till it's purple."

Wed, 06/22/2011 - 08:08 | 1391251 tmosley
tmosley's picture

The Perth Mint moves twice as much silver per year as the COMEX, IIRC.

Again, more evidence of the divergence of the physical and paper markets.

Wed, 06/22/2011 - 09:00 | 1391340 Libertarians fo...
Libertarians for Prosperity's picture

There is absolutely NO divergence in the paper/physical silver and gold market, other than normal wholesale/retail arbitrage. None. Even Eric Sprott has admitted this.  Stop spreading your lies. 

 

Wed, 06/22/2011 - 09:56 | 1391474 i-dog
i-dog's picture

You really are a tool ... posting your "It's a lie" nonsense in every single thread! I gather this is Sunstein's latest disinfo tactic ... LOL!

Wed, 06/22/2011 - 10:07 | 1391529 Libertarians fo...
Libertarians for Prosperity's picture

Are you calling Sprott a liar, too?  Because 30 days ago, he said he could buy silver at or near spot price.  No physical/paper divergence, at all. 

 

Wed, 06/22/2011 - 10:34 | 1391665 Hugh G Rection
Hugh G Rection's picture

LP-

 

Who signs your checks?

Wed, 06/22/2011 - 10:42 | 1391712 Metropolis_Minx
Metropolis_Minx's picture

The local coin shops in my area sell silver bullion and coin for $6 and $10 over spot. That's undeniably a divergence from paper.  Apmex: same. So it's not a local phenomenon either. Bulk purchases receive better pricing, of course. But what's germaine is the price of coin for Mr. Middle American who buys only 2-3 per week.

There IS a divergence between paper and phyzz, and it's only going to become more pronounced as more people start to buy silver. Plenitude of paper, limited supply of phyzz.

Wed, 06/22/2011 - 11:02 | 1391800 Libertarians fo...
Libertarians for Prosperity's picture

The reason you're paying $6 and $10 over spot is because you're being jacked for an enormous amount of profit.   

Let me guess... did your coin dealer echo the famous tmosley quote, "price doesn't matter..."  

LOL

The only divergence is the real silver market and the coin stores that cater to the doomer fanatics who are willing to pay absurd profits for "next week's" apocalypse. Definitely a big divergence there.   

 

 

 

Wed, 06/22/2011 - 11:24 | 1391860 Metropolis_Minx
Metropolis_Minx's picture

The ma and pa coin shop I frequent the most are most apologetic for the prices they must command for their product. However, they, too, must make a profit. It's called running a business. And if they paid 40 per Silver Eagle, then they must charge a premium over that price. The market is supporting that price right now. And it will support the price when Ag is $50/oz or higher. Really...what is the fiat/trash-cash price for the intrinsic value of precious metal? Please enlighten us. Because absolutely no one knows - except for its surpressors - what the true price of Ag actually is.

It's really not that hard to comprehend. And might I add, you don't sound much like a Libertarian with Libertarian sound-money views.

 

M_M 

Wed, 06/22/2011 - 12:19 | 1392089 GoinFawr
GoinFawr's picture

Don't mind her, she's just "...goofin' around..."

Thu, 06/23/2011 - 00:12 | 1393836 False Capital
False Capital's picture

Ma and pa really should learn how to hedge their purchases.

Wed, 06/22/2011 - 13:14 | 1392278 thewhitelion
thewhitelion's picture

On an interesting side note, Sprott's silver etf is trading for 15% over spot value. http://sprottphysicalsilvertrust.com/NetAssetValue.aspx 

Wed, 06/22/2011 - 08:13 | 1391253 WestVillageIdiot
WestVillageIdiot's picture

"There is no gold in Aqaba."

The gold bubble continues on and you guys just don't see it.  The people around me can see it.  I wish I had a silver dollar for every time they have told me that gold is in a bubble.  These are the same people that couldn't see a "housing bubble" from six feet away.

I still know of nobody in my circle that is buying gold, not one, zero, nada, nobody.  But they will still tell me gold is in a bubble.  Just think if people were actually buying. 

 

 

Wed, 06/22/2011 - 08:21 | 1391267 cossack55
cossack55's picture

Just think if people were actually THINKING.

Wed, 06/22/2011 - 08:24 | 1391272 WestVillageIdiot
WestVillageIdiot's picture

There's a better chance of Tyler being the next Fed Chairman or Hilary Clinton being the next Miss Universe. 

Wed, 06/22/2011 - 08:37 | 1391289 cossack55
cossack55's picture

lol

Wed, 06/22/2011 - 09:13 | 1391343 G-R-U-N-T
G-R-U-N-T's picture

Since Irelands Minister Brendan Howlin recognizes he hasn't the capacity to think he has decided to ask the public....Perhaps setting a precedent for Greece and the U.S.. LOL, unbelievable!

http://examiner.ie/ireland/government-asks-public-for-ideas-on-cuts-1586...

Wed, 06/22/2011 - 09:29 | 1391399 THE DORK OF CORK
THE DORK OF CORK's picture

Its sad really , but for what its worth I will throw in my two bits , double the excise duty on petrol / Diesel and so therefore keep what little money supply remains withen this country rather then giving it to rich Sheiks and selling them expensive racehorses in return for their magnificence.

Its better then raising tax on Labour and will hopefully increase efficiencies as now there is a proposal to increase fares on public transport which is now half empty and therefore create another false efficiency for the exchequer.

Its disturbing to think any rational sacrifices will go to pay off characters who engaged in catostrophic risks however - mining ideas even from Dorks can be profitable for the Usury class I guess.

Wed, 06/22/2011 - 13:01 | 1392234 Strider52
Strider52's picture

Mr. Dork:  I will be in Cork next Tuesday - Wednesday. I'd love to buy you a pint. How do I contact you? (seriously).

Wed, 06/22/2011 - 11:44 | 1391970 janus
janus's picture

Yes, but to stretch your metaphor a bit further, Aqaba's artillery is fixed facing the sea; which has something to do with their myopia, more to do with their lack of gold and everything to do with their vulnerability. 

Wed, 06/22/2011 - 08:15 | 1391255 Lone Mad Minute...
Lone Mad Minute Medic's picture

The canary is about to fall off its perch, and there a forces in action in this country trying to make it harder for us to deal in gold and silver. These bastards are slowly circuling us with their nets.

Wed, 06/22/2011 - 08:17 | 1391260 WestVillageIdiot
WestVillageIdiot's picture

+1933

Wed, 06/22/2011 - 08:24 | 1391262 PaperBear
PaperBear's picture

But gold/silver are barbarous relics.

Wed, 06/22/2011 - 08:26 | 1391268 cossack55
cossack55's picture

I'm a barbarian in a barbarous world and I like relics.

Wed, 06/22/2011 - 09:12 | 1391365 augie
augie's picture

That sentence is organized conspicuously like a line from a madonna song. 

Wed, 06/22/2011 - 12:52 | 1392211 DoChenRollingBearing
DoChenRollingBearing's picture

+ $1554

Buy the relics while still available and relatively cheap.

Wed, 06/22/2011 - 08:23 | 1391261 PaperBear
PaperBear's picture

'heightened concerns that the (silver) “bubble” had burst' ?

I am shaking my head at other people's guilibility who believe silver is a bubble.

When there is a bubble in something, the majority of people do not see it as a bubble because they are on the inside looking around thinking their view is normal while ZH and others are on the outside looking at the bubble.

And when the bubble that is fiat paper currencies finally pops, someone did tell you it was a bubble but you did not listen.

Wed, 06/22/2011 - 08:21 | 1391266 earnulf
earnulf's picture

Given the recent reports of silver demand from various locals around the globe, it would appear that the physical demand from investors continues to add pressure to the cooker.    For those who hold physical, this is a good sign as the lid to the cooker can only take so much pressure before prices blow up.

Falling reserves of physical on the COMEX, changes to force settlement in paper, rather than actual, continued economic uncertainty, soaring deficits by governments that are incapable to actually running a balanced budget all contribute to upward pressure on PM's.    It's only through deliberate short selling of paper that the price continues to languish.

If silver is 15-17 to 1 in ratio to gold, and gold is at $1,500/oz, then shouldn't the value of silver be around $90-100/oz?     Of course the big thing is that you have to have it in your possession or you don't own it at all.

Wed, 06/22/2011 - 12:38 | 1392155 ATM
ATM's picture

I think the ratio only works if both gold and silver are viewed as monetary metals. I know gold is but I'm not so sure that silver as the same luster as a monetary tool. Historically it has been but I think the luster shines on gold first and foremost.

Plus silver has it's problems. It tarnishes and it is soo much more voluminous than gold. I stopped buying it because it's getting hard to store.

Wed, 06/22/2011 - 12:59 | 1392223 DoChenRollingBearing
DoChenRollingBearing's picture

I prefer gold as well.  But, I do keep a fair amount of silver, both for the ride (wheeeeee!) and for its likely use in a TEOTWAWKI.

What's a TEOTWAWKI?  Send me a gmail, promise you will behave and I will send you the link to my blog (I publish under my real name).  Latest article: "How Much Gold Should You Hold?"

Of course I like platinum too...

Wed, 06/22/2011 - 08:23 | 1391270 Dr. Gonzo
Dr. Gonzo's picture

Makes sense to me. It also makes sense for the Central Bankers to bluff about gold being in a bubble, inflation being transitory, QE 3 not on the table, all while illegally manipulating the PM markets to keep the price from rising and propping up stocks to avoid panic in currencies, bank insolvencies,  unpayable sovereign debt, broke pensions and municipalities. It's called Central Planning and it's "God's work." another name for it is purposely misinforming and fucking the people so you can steal from them and always win while they lose. They go to all this trouble because they care so much about us.

Wed, 06/22/2011 - 08:48 | 1391310 Imminent Collapse
Imminent Collapse's picture

Dr. Gonzo, you are my kind of guy.  Nice summary.

Wed, 06/22/2011 - 08:45 | 1391311 Broomer
Broomer's picture

If gold is in a bubble why are Central bankers buying it?

Wed, 06/22/2011 - 09:23 | 1391391 RockyRacoon
RockyRacoon's picture

That is NOT a good argument.  Anything CBs do is to be ignored.

Wed, 06/22/2011 - 08:32 | 1391276 AgShaman
AgShaman's picture

Group 11 Whirlwind "Bits-Sez!"

Wed, 06/22/2011 - 08:37 | 1391285 sudzee
sudzee's picture

Negative real interest rates are confiscating the savings of the masses. People are now waking up to that fact and withdrawing those savings from the banks. With leverage of maybe 100, every dollar or euro withdrawn from the worldwide ponzi, is bringing the system down. Gov'ts around the world need to increase leverage (print) to keep the ponzi alive. The great "con"fidence game is almost up. Ponzi fiat is moving into real money.
One thing is assured, for every dollar of savings withdrawn from the banks, it needs to be met with 100x leverage in fiat. The worldwide bank run has begun. Do your part and buy an ounce today.

Wed, 06/22/2011 - 08:33 | 1391291 GeneMarchbanks
GeneMarchbanks's picture

That's what happens when you have a central banking bubble and it has now begun to collapse. Failure of epic proportion dead ahead.

Wed, 06/22/2011 - 11:02 | 1391790 Metropolis_Minx
Metropolis_Minx's picture

Good point Gene. FRNs/debt and lies are the only bubbles I see ballooning to infinity.

How can someone honestly say that gold and silver are in bubbles when there's not enough (Ag) for everyone on just two continents to own a single ounce. I realize bubbles correlate with price--but Ag is undervalued.

 

M_M

Wed, 06/22/2011 - 08:44 | 1391297 idea_hamster
idea_hamster's picture

The Greeks who buy gold coins are just doing their own nacent central bank's work for it.

After Greece defaults and exits the EuroZone, they'll confiscate all that privately held gold and use that to legitimize the new Drachma.

That woman who "keeps her gold at home"?  She not the canary -- she's the pigeon, the mark.  She'll fund the brunt of Greece's EZ exit.  She'll deserve a national medal, but she'll probably get a retirement full of Alpo.

All Greeks who exit the EuroZone early (i.e., buy gold) should have a better strategy than "mattress" for protecting themselves -- Greece has a real oil-and-vinegar mix of entrepreneurial spirit and socialist politics in their culture, making a bank safe deposit box a real peril.

Wed, 06/22/2011 - 08:37 | 1391298 Poor Grogman
Poor Grogman's picture

It's all been tried before, remember gold has already been de-monitised for at least 40 years. That worked out well for the PTB didn't it.

They are screwed and they know it.

It is the Soaring Golden Eagle that is circling the dying carcass of FIAT crapola.

The Eagle won't have to wait much longer to get all the bounty it wants.

 

Wed, 06/22/2011 - 11:38 | 1391944 Metropolis_Minx
Metropolis_Minx's picture

+ 1971

Wed, 06/22/2011 - 13:03 | 1392240 DoChenRollingBearing
DoChenRollingBearing's picture

ZH-er Gordon_Gekko once said:

"All else will be left behind as the Gold Mothership takes off."

He also said:

"Buy.Gold.Now."

---

Physical only.

Wed, 06/22/2011 - 08:42 | 1391299 gwar5
gwar5's picture

Watch and learn from the old timers and from Greece what to do in a collapse. Argentina, Russia before them.

World to Greece: Default now and keep your sovereignty. Default later and you lose your national assets and your soveriegnty, for naught.  

Wed, 06/22/2011 - 08:41 | 1391302 youngman
youngman's picture

It has been interesting this last month watching the price of PM´s.....with all that is going on in the world....it has not changed much....to me that means the big boys are adding to their stacks...when they have protected themselves they will release the price constraints....and for the life of me who would be selling any PM´s right now at this time....and trade it for what......but I have always said the big move...default..will happen overnight...then it will be to late to adapt....you either have it or you don´t....and they might make it illegal also...to me its the only option right now...no other investment vehicle looks good to me.....take real estate....sure good buys...but they are going to fee and tax you to death if you own it..we will see soon...I think we are two weeks away from the big event....

Wed, 06/22/2011 - 08:58 | 1391331 bobert
bobert's picture

8/2 is about six weeks away.

Maybe you are saying that the markets will correct in anticipation of this.

What will happen to silver if the S&P corrects 20% from here?

Wed, 06/22/2011 - 09:21 | 1391396 equity_momo
equity_momo's picture

For sure sell off but the physical premium will likely widen. Im averaging into metal all the time but i firmly believe we see a much lower S+P which is why im not buying in 1 or 2 chunks right here.

I think gold is better protected to the downside than silver : it might come off 10-15% if we get a major shank , ie >30% , to the S+P , but then it'll just rally hard. Just look at a LT chart of the Dow priced in Gold - its got alot more work to do , several fold.

Wed, 06/22/2011 - 09:49 | 1391475 bobert
bobert's picture

Good thoughts!

Thanks.

Wed, 06/22/2011 - 09:04 | 1391333 bobert
bobert's picture

aaarrg..double post.

Wed, 06/22/2011 - 08:56 | 1391319 swissaustrian
swissaustrian's picture

OT:

Tyler, tommorow (June 23) Ron Paul will hold a hearing on auditing us gold reserves:

http://financialservices.house.gov/Calendar/EventSingle.aspx?EventID=247243

We should encourage Zerohedgers to submit questions to the witnesses:

https://financialservices.house.gov/Contact/HearingQuestions.htm

 

 

Wed, 06/22/2011 - 13:07 | 1392252 DoChenRollingBearing
DoChenRollingBearing's picture

A transparent & comprehensive audit of our gold reserves would not cost THAT much.  Tape it.  Have a variety of auditors and chemists go along and run their devices on a large sample of the bars.  Would cost peanuts and would resolve this once and for all.

If they do NOT want to do this, then what are they afraid of?

Wed, 06/22/2011 - 08:53 | 1391321 Central Bankster
Central Bankster's picture

But you can't eat gold!

Wed, 06/22/2011 - 13:46 | 1392395 akak
akak's picture

Sure you can --- it just hurts coming out the other end .... the same end that the Central Banksters routinely go IN.

Wed, 06/22/2011 - 08:59 | 1391324 apberusdisvet
apberusdisvet's picture

FOFOA has postulated on the inflation/deflation debate that the elites will be the beneficiaries of hyperinflation because they will own enough stake in the world's resources to protect their asses.  If this is the end game, then the PMs are the only realistic hedge for the sheeple.

Wed, 06/22/2011 - 09:29 | 1391404 equity_momo
equity_momo's picture

Agreed. 1 house , free and clear. Savings in PM. And a steady income from a job that is NECESSARY to society.  Tough to check all 3 for most people.

I'm one of many useless cunts in a service industry. Gonna be alot of us here protected from a currency collapse but without an income...

Wed, 06/22/2011 - 13:09 | 1392260 DoChenRollingBearing
DoChenRollingBearing's picture

+ $1554

FOFOA is the best.

fofoa.blogspot.com

Wed, 06/22/2011 - 08:58 | 1391328 DoctorGold
DoctorGold's picture

I think we are still a ways away, but are getting closer to an outright price explosion. Both gold and silver should be bought with damn near everything you have in U.S. dollars, or whatever currency you happen to own. All this paper will be just that, paper. Protect yourself people. 

Wed, 06/22/2011 - 08:59 | 1391334 DoctorGold
DoctorGold's picture

I think we are still a ways away, but are getting closer to an outright price explosion. Both gold and silver should be bought with damn near everything you have in U.S. dollars, or whatever currency you happen to own. All this paper will be just that, paper. Protect yourself people. 

Wed, 06/22/2011 - 09:24 | 1391402 RockyRacoon
RockyRacoon's picture

Protection is right, but don't get enamored with the idea of "price".   That's thinking too much like a paper trader.  PMs are for holding, not selling/trading.   It is for the preservation of wealth and coming out the other side.  If one has to sell within the time frame of the depression he has not planned right.

Wed, 06/22/2011 - 09:26 | 1391406 equity_momo
equity_momo's picture

+

Wed, 06/22/2011 - 13:07 | 1392267 DoChenRollingBearing
DoChenRollingBearing's picture

+++++ Rocky and equity.

Have some silver for spending through the storm.  And have more than you think!

But, the more gold you have, the more wealth you will preserve.

Mioght want to keep some genuine $ fiats at home as well.  Paper > electrons.

Wed, 06/22/2011 - 09:04 | 1391342 digalert
digalert's picture

Were the Greeks waiting for a hint, a stick in the eye, kick in the ass? What was the first clue their fiat holdings were trash?

Wed, 06/22/2011 - 09:00 | 1391344 DoctorGold
DoctorGold's picture

I think we are still a ways away, but are getting closer to an outright price explosion. Both gold and silver should be bought with damn near everything you have in U.S. dollars, or whatever currency you happen to own. All this paper will be just that, paper. Protect yourself people. 

Wed, 06/22/2011 - 09:01 | 1391345 DoctorGold
DoctorGold's picture

I think we are still a ways away, but are getting closer to an outright price explosion. Both gold and silver should be bought with damn near everything you have in U.S. dollars, or whatever currency you happen to own. All this paper will be just that, paper. Protect yourself people. 

Wed, 06/22/2011 - 09:02 | 1391350 DoctorGold
DoctorGold's picture

I don't know why I have my post up there four times? I feel important now.

Wed, 06/22/2011 - 09:25 | 1391405 DosZap
DosZap's picture

You can delete them, and leave one, then you can feel like the rest of we MARKS.

Wed, 06/22/2011 - 09:03 | 1391355 They_Live
They_Live's picture

Gold in Sterling starting to look a little vertical. Time to dust off the zombie apocalypse survival kit.

Wed, 06/22/2011 - 10:15 | 1391563 fiftybagger
fiftybagger's picture

Silver and bitcoins.  A flood of money will flee from the dollar.  The trickle has started.  Get positioned before it's a tsunami

 

The Bitcoin Channel

http://www.youtube.com/user/BitcoinChannel?feature=mhee

Silver For The People

http://www.youtube.com/user/BrotherJohnF?feature=mhee

 

 

Wed, 06/22/2011 - 11:09 | 1391819 XenoFrog
XenoFrog's picture

Bitcoins are a ponzi scheme. Shame on you for uttering that nonsense in the same sentence as silver. Even if it wasn't a scam from the set up, when the SHTF do you really want a digital 'currency' that relies upon electricity, and online commerce to continue existing?

Use the grey matter between your ears.

Wed, 06/22/2011 - 13:13 | 1392275 DoChenRollingBearing
DoChenRollingBearing's picture

FOFOA has now written three times re Bitcoins.  No thanks!

fofoa.blogspot.com

Do watch the hilarious yet informative videos of investigative reporter "Rawdog" there at his blog.

Wed, 06/22/2011 - 10:14 | 1391576 anyways
anyways's picture

this is what the Greece think about austerity:

http://www.spiegel.de/images/image-227689-galleryV9-wbii.jpg

 

Wed, 06/22/2011 - 10:24 | 1391602 THE DORK OF CORK
THE DORK OF CORK's picture

The ECB needs to recapitalise while saving its blushes - it wants to bushwhack the peripheral credit deposits into its balance sheet if it cannot get dollar reserves in there.

Wed, 06/22/2011 - 11:40 | 1391955 waldocktrades
waldocktrades's picture

Now we know how much the U.S. taxpayer will be on the hook for after the banks collect their record fees for the CDS they've sold to France & Germany on the Greek debt they've bought.

http://blog.commodityandderivativeadv.com/2011/06/22/us-taxpayers-share-...

 

Wed, 06/22/2011 - 15:17 | 1392783 10 Euro Münze
10 Euro Münze's picture

Living in Germany I have the unique opportunity to be able to buy old $20, $10, and $5 gold pieces for the gold spot price from the various shops who buy gold from the public.  They can sell it to me for spot and get the cash right away or sell it to the scrap dealers for spot.   They don't care.   If you find the right sources, there is no need to pay a premium here.   Germany learned once about inflation.  It is amazing how much gold is still in the hands of the public here.   I get old 20 Fr coins from the 1800's all the time.    The phrase "bad money drives out good", is certainly true here. 

 

TTFN

Wed, 06/22/2011 - 17:16 | 1393243 Feel the flow
Feel the flow's picture

Those who have their core physical metal positions intact... are you into trading silver next?  http://www.guidetosilver.com/silver-trading.html

Ahoy!

 

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