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Greece Shows Importance of Gold as Europeans Buy Coins and Bars
Greece Shows Importance of Gold as Europeans Buy Coins and Bars
- Demand for physical gold from Europeans surges
- Greek ATMs limit withdrawals to €60 per day
- Greeks panic buy food, fuel and medicine
- European elites threaten Greece with expulsion
- Gold not subject to capital controls or “bail-ins”
British Gold Sovereign Gold Coin
Demand for gold coins and bars from European investors has increased significantly in the past month as the Greek crisis enters a new phase.
As reported in our statement – to which Bloomberg referred in their piece – we saw a significant increase in demand from the U.K. and Ireland yesterday where sales of coins and bars were three times the average of the previous three Mondays.
The Royal Mint said that Greek demand for coins in June was double the average for the last five months and the U.S mint saw the highest sales of bullion coinssince January.
Bloomberg report that many buyers want to store their gold outside of the Eurozone, citing Switzerland as an example. We advise our clients to do the same and many have opted for storage in Singapore also.
As the crisis in Greece accelerates the value of owning gold will become more apparent to everyday people.
What is happening in Greece today may well await the citizenry of other developed economies tomorrow – as recently warned by well placed observers in notable institutions such as HSBC, Goldman Sachs and Fidelity.
Greek banks remain closed and ATM withdrawals have been limited to €60 per day. There has been panic buying of various essentials such as food, fuel and medicines across Greece, as reported by the New York Times.
This is in anticipation of chaos and disruptions of supply chains should the country be forced out of the euro and onto a much depreciated drachma.
European elites have threatened Greece with expulsion from the euro currency should Sunday’s referendum – on using austerity as a tool to deal with Greece’s unpayable debt – return a “no” vote.
Greece has fought back with Finance Minister Yanis Varoufakis telling the Telegraph,
“We are taking advice and will certainly consider an injunction at the European Court of Justice. The EU treaties make no provision for euro exit and we refuse to accept it. Our membership is not negotiable.”
What happens next in Greece is unsure. What is assured is the insurance gold will provide going forward. Physical gold, held outside the banking system, is not subject to capital controls.
With the ECB reneging on its responsibility as lender of last resort – not the first time it has used its power to political ends in Greece – Greek banks may soon be forced to “bail-in” deposits – i.e. confiscate the cash of their customers.
American Silver Eagle 1 0z Coin
Those holding cash “under the mattress” and physical gold and silver coins will be provided a degree of security in such an environment.
Precious metals can be used directly in exchange for goods or are readily converted to cash for the same purpose while retaining their store of value until required.
Should the Greek crisis morph into a full-scale euro-crisis – if, for example, Credit Default Swaps were triggered which provoke a derivatives crunch – gold and silver would still enable you to secure life’s necessities if the value of one’s cash savings should collapse.
The euro, like all paper and digital currencies, is backed by nothing more than the faith in the institution that issues it. Faith in central banks is rapidly evaporating.
Physical gold, on the other hand, is a time-tested and academically proven store of value or safe haven in times of crisis. It will likely be recognised as such by the wider public in the coming months and years.
Must-read guide: 7 Key Gold Must Haves
MARKET UPDATE
Today’s AM LBMA Gold Price was USD 1,175.00, EUR 1,053.01 and GBP 747.08 per ounce.
Yesterday’s AM LBMA Gold Price was USD 1,176.50, EUR 1,060.82 and GBP 749.10 per ounce.
Gold climbed $5.10 or 0.43 percent yesterday to $1.179.20 an ounce. Silver slipped $0.08 or 0.51 percent to $15.72 an ounce.
Gold in U.S. Dollars – 5 Year
Gold in Singapore for immediate delivery ticked lower by 0.3 percent to $1,176.35 an ounce near the end of the day. Gold is on track for a 1 percent decline this month.
Even with Greece just hours from defaulting on its 1.6 billion euro loan from the IMF, safe haven bids for gold are weak. The U.S. dollar gained 0.4 percent against other currencies, while U.S. and Asian stock markets rose.
Greek Prime Minister Alexis Tsipras is calling for a bailout referendum on July 5. The Greek drama is not finished.
In late morning European trading gold is fell 0.20 percent at $1,176.62 an ounce. Silver fell 0.10 percent at $15.71 an ounce and platinum rose 0.19 percent at $1,079.00 an ounce.
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Gold, meh, who cares?
Unless you have substantial wealth to preserve ( I do not ) you are better off storing food and other things you need. For example, I have grain mills, about 2000 pounds of wheat, and a non electric gas stove. How many loaves of good bread can I bake with this setup? About 1000. How easy is it to trade fresh bread to a hungry person? When you get really hungry I will trade 4 loaves of bread for that one ounce Maple Leaf. I can hang it on a chain and give it to my wife for a necklace.
I'll tell ya, my few ounces are truly precious to me!... I could care less about the fluctuation in price!
I GOT ME SUM REAL MONEY!!...got my shout out
pity the fool
bullshit, gold cant stay above 1200 no matter what
your perception of real wealth is totally the wrong way around - "the $US cant get gold below $1140"
there. fixed it for ya
That's "can't" until China puts it behind their currency. Then watch the show.
I agree...the 10,800 tons of gold on the ECB balance sheet do not 'back' the Euro.
It could come in handy anyway if there were to be some kind of 'crisis'.
Gold has always been like that...it is nothing...until it is the only thing.
"Gold has always been like that...it is nothing..." So exactly in the last 6,000+ years has it been "nothing"?
Ok, so gold is a dumb longterm investment?
Lets see then:
Parents home, purchased 1964 for C$18,000. C$-US$ fixed at the time to 0.925 so cost in US$16,650.
Gold was fixed at US$35 per once at the time so house was 475.741 ounces.
Bear in mind that they now had to:
1. Build a 2 car garage, add side walks, landscape, build fences. We'll call all of that C$10,000 in today's money(WAY cheap but I don't want to be accused of stacking the deck here).
2. You have to pay property taxes everyyear. We'll call that C$1,000 per year for 50 years, C$50,000 in today's money.
3. Neighbour sold their house for C$343,000 last week so will price my folks' place at C$400,000.
Now, if they would have rented and put 475.741 ounces of gold in a box an buried it, it would today be worth 475.471 x C$1200 = C$570,889.
The house is C$400,000 - 50,000 - 10,000 = C$340,000.
Gold produced a 68% HIGHER return than the house.
Note I didn't include insurance and regualr house maintenance.
Lets leave the gargae, taxes, sidewalk out of it....
Gold still produced at 43% better return.
I think the numbers speak for themselves.
Squid
I could have bought Microsoft stock in 1964, 20 years before it was created, for nothing more than a BJ to Bill Gates. In todays dollars I would be a billionaire.
The problem is NO ONE EVER SELLS. They die with this shit. Its only a return WHEN THEY SELL. They have sold neither their home nor their gold if they had it. Thats the scam. The money on PMs is made by flipping immediately, just like real estate. Use others money and sell immediately to a dupe for an instant gain.
I sold Apple. I made money. Let's face it, although a lot of people will be buried with their iPhones, they will be buried in debt. Sooner or later, it's got to go.
Here we go again...every time some disaster occurs..the gold bugs come out .. just buy this metal coin and protect you future.. you can be a gold "prepper" and your time will eventually come to shine..
And its almost always a disaster in which they staged.
I know of NOT ONE single place in my state where I can go and pay for something with a precious metal. NOT ONE single place. There are thousands of places that "buy and sell gold and silver". Go there and see how much they give you for your metals. I can assure you it will be considerable less than the "posted daily value".
Thinking that PM's will protect you in times of trouble is a delusional lie at best and criminal at worst. If shitte does hit the fan the first thing our authority figures will do is make PMs illegal to own, barter, or trade with for anything. They have done it before.
You don't know much do you?
Err, if I'm selling something, an old car maybe, you are welcome to pay gold or silver for it. I doubt I'm alone.
For some reason they don't talk about me on CNN.
Exactly my point. The only people to take metal as currency will be a back alley, used car salesman that arent liscenced. Americans were unable to learn the metric system. Do honestly think overnite these people can judge and accept and test PMs for currency reasons?!!! One in Five are unable to find the US on a world map. Experts on precious metals? hahahhahhah
Oknowwhat you have officially passed from being a minor nuisance to extreme douchebag.
Corn and wheat limit up on fhe CME...but none will get you delivery.
Will get a better corn and wheat crop I would imagine....
FFS I'm so fed up with all this bullshit...Ireland took the opposite direction to Greece yet the problems remain (just under the surface). The euro project is doomed but it will limp on for years crisis after crisis dragging everyone down with it.
BUT ITS NOT JUST THE EURO... ITS ALL FIAT CURRENCY.. ITS REACHED THE END OF THE ROAD...
Reading ZH convinced me to own gold to try remove myself from this madness as best I could but like nearly everybody I had F..K all extra cash to convert into bullion.
6 months ago I had no cash and no gold and a shed load of credit card debt.. Now I have a some extra cash.. a few ounces of gold... and I'm rid of the dreaded credit card debt..all from reading Zero Hedge and its commentators, taking that knowledge and doing something with it!!! thanks guys I owe you.
If you find yourself in the same position as me and you're willing to try your hand at network marketing, you could use the commissions earned to acquire gold bullion from Karatbars. Its not for everybody and I'm not pushing it on anyone it's just another option for you guys. All I can do is testify that its working for me - There is no reason why we can't make it work for all of us..
if you're interested in what is a decent opportunity visit www.teamramgold.com my own site - email me for info it costs nothing to have a chat. I would be delighted if the some of ZH community teamed up with me because we all have an understanding of underlying problems causing the pain for people and physical gold is the kryptonite to those issues.
What a load of shit. Just a few days ago I was drinking my own urine from the toliet, now I want you to invest in my great idea. Could you be more specific as to exactly what advise you followed. Since it was already published on this site its not corporate secrets? Tell us exactly how you went from drinking piss 6 months ago in mass debt with no money and now youre wealthy and ready to help others.
The way to riches is to get other suckers to buy your rigged PMs or paper metals and do it in a multilevel way so that others can sucker their friends and family.
im sensing a lot of anger issues oknowwhat... have one of your mum's valium ... she sleeps just accros the hall from you..
Also....you gave not ONE single piece of specific information about going from urine drinking to financial bliss. BS meter off scale!
ahhhhh
Yeah, demand goes way up, price goes way down. Good thing I sold some yesterday instead of today. I got about eight cents more on the dollar yesterday than I would today. Pretty soon I'll have no metal at all left anyway. It's going fast, at ever-lower prices. In early 2011 it looked like I might be able to retire on my stack. If I'd sold it all then I might have. Now, I don't think it will get me past next February or March, at best. After that -- nothing.
You got scammed. It is the oldest financial scam on earth. The elites have been using precious metals to fleece for thousands of years. The only people making "money" on precious metals are the ones who buy and sell immediately and take the difference in fiat today. They hold NO precious metals for any length of time. Because the prices are fixed and published daily as long as I buy for less than todays prices I will ALWAYS make money if I sell immediately. Unlike holding until you die or when you think it will skyrocket, which it never does for long.
I think anyone in Zimbabwe holding Zim dollars would have been better off buying gold. I think any German would have been better off buying gold before the collapse of the mark in the Weimar. I think anyone holding confederate dollars in the civil war would have been better off buying and holding gold. Gold is for those intense "party times". Not meant to make you rich, only meant to keep you from going broke.
Correct.
Ignorant drivel.
Sadly, I have to agree more and more each year that passes by. It's the picks and shovels guy, i.e. the coin dealer, that makes money.
Man am I sick of the Mrs. telling me how bad of investment it's been, and I bought not that far from these levels.
Your first mistake is calling gold an investment. It's not. It's not meant to be. The increase in dollars is not a gain. It's a hedge against inflation. Gold is meant to maintain your wealth. That's it. You want an investment, get involved with Caitlyn's new line of clothing.
The price of precious metals is irrelevant. As long as I buy for less and sell immediate for more it is irrelevant what the staged and manipulated price is. I will always make money by selling immediately.
PM's have never in history been an investment. Anyone who sold you that concept double sold your ass! PM's if you keep longer than 48 hours is a simple hedge, though as we have seen, its not even a hedge becasue the market is rigged and staged. You will never know the true "value" in your lifetime.
Speaking of your coin dealer or gold buyer, every Friday they are paid a visit be someone who buys every last drop of PMs he has. Your are correct in that your dealer is the only one actually making any money. The reason is they sell immediately and pocket the difference.
"You will never know the true "value" in your lifetime." You must be God to say such things with such certainty...NOT, only arrogant.
T he last Female who had permission to tell me anything was my Mother. Once youi get in the position you/re in where your female has permission to "tell you things:; you're already in a lot of trouble. But aside from that; be of good faith, cheer up; I put my life savings in Silver at $6/oz.; and had to watch the whole Metric Tonne devalue to $4.35 / oz. Did I worry ? NO, of course not. Because I knew what the necessary out come would be. When you hold your arm out with a rock in your hand and release the rock; do you worry that it may not fall to the ground ? Of course not. Reality exists, and it will assert it self. You need only remember that Reality has no contract with you as to when it asserts itself. But do not worry; the low prices for the year are already in; Next year will be very nice for you.
Next year Hillary Clinton will be president. You better get use to a female telling you what to do pretty fast.
Nonsense. I don't pay any attention to any of these career criminals; neither Oblahblah, nor God Forbid, the Devil's Disciple, Hillary.
Please keep "knocking them out of the park", Model T
Love your comments!
It's possible to fail at anything if you try hard enough.
Those Lucky Greeks; they can still transfer their Euros to Bullionvault.com; head quartered in London; and buy Silver and Gold in Vault Storage; in Switzerland, if they wish. What a deal.
As alway's there are lessons to be learned..
Again I was suprised to see real queue's at ATM's and store's only appear when things were getting so out of hand it was REALLY hard to denial..
And again many where too late...
I was again pointed out to the fact why it is so hard to convince people of what is going on and what is going to happen.
Yes it makes us tired and it will frustrate us.
But we know most will not believe what is comming and will not want to see it untill it is too late.
Don't fall for logic like: I'm the exception so am I wrong?
Don't doubt, keep opsec in place, prepare.
Take some distance and simply see the system is driven to the point of no return.
Sanity won't prevail, tptb will be fine with standing on the earth as last people being able to shout "yes it is all mine" even if they know they will be dead soon after, most other are not capable of anything else than sticking their heads in the sand and just pray all shit will go away.
See what is done to just kick the can again and again, and you know there will be no option left they won't try....
I did things in kindergarten that makes me feel ashamed today, but compared to what the people in power are doing right now it makes me think I was quite 'adult' at the time........
Take care.
Hope there will be a future left, and to meet some of you on the other side, or even just for our kids to meet up....
It reads rather depressed but in fact i'm in 'fine' with it, what other options are left?
I'm a daydreamer, but come on, there is simply to much arrogance, knowledge and greed out there and way to little compassion and wisedom.
Yes we are all to blame by letting the sociopaths and psycopaths get into power and be fine with all while we could ride along and enjoy it, the price will be huge, lets hope there will be a lesson learned and for it to be told...
the act of waking up for me, although at first overwhelming and extremely depressing, has had the opposite effect long term. as children we are bombarded with axioms, morals, etc which at the time we cant fully understand. one that i strive to live by and only came to understand after waking up was live each day as if it were your last. once awake we know we live in a precarious world run by pyscopaths who have little care for us and control of most, if not all of the world's power centers. in the face of such evil, we can either freeze like deer in headlights, complain endless as many, including myself, do on ZH, shut off completely from society or any other number of anti social things. i believe the best thing that we can do, however, is wrapped up in that little aphorism: live each day as if it was your last. this does not, at all, mean do not make preparations for the future. it means live in the moment, the now, the present. once you take notice of these fleeting things they become all the more beautiful. appreciate what you have and the fact that everything is temporary. this most especially applies to your family and loved ones. this is where our culture has traditionally derived its strength. this is what the powers that be do not want us doing.
Incredible how boldly they manipulate precious metals. They aren't going to have to answer to any regulators. This is being done with a wink and a nod from central bankers.
Imagine if when the unsteady news hit, the price of gold soared. It would really bring how bad things are to light. No, they will short Gold, buy stocks with monopoly money and smooth out treasuries with the same funny money. It's their game and it's their money.
The price of gold isn't going to rise until the governments in charge (or banksters) decide to let it.
Did they want it to rise from $300/ oz. to $1200/oz. NO. They didn't; it reflects poorly on their currency. They have little to no control over these prices; and if you continue to have faith in this ignorant internet meme it will be costly.
They didn't care because it had no reflection of what the currency was worth at the time.
With all the QE they have distorted the value of everything.
Any Greek waiting until now (meaning the last month) who didn't already have his cash out of the bank, invested in precious metals, or taken outside the country- is an idiot.
Unfortunately, those people living month to month on fixed incomes never really had much of a shot. I wonder had they moved beyond Greece's borders- would Greece pensions pay into say- an Italian account? Probably.
If Americans think this can't happen here- they are simply stupid and unaware of the 120T dollar debt both accounted and unaccounted for- that looms. Unlike Greece, these sneaky bastards wouldn't say a word, they instead will declare a bank holiday on a weekend, pass a law or two and just seize all of our shit- just like they did in 1933 or with the Obamacare law.
Land of the free my ass.
Yes. It's actually the Fourth Reich. rather than any kind of "land of the free"; which is now a bitter joke. Most people wonder why I say such strange things; but they don't realize that people living in Germany under Hitler didn't know there was anyt hing wrong; employment was good, things looked okay; they didn't know the lunatical little Corporal was going to invade Russia. T he thing about the Future is that it's not usually advertized. You kind of have to sniff it out.
How does one in the Hellenic Republic spend gold or silver coins for bread? It appears the shelves are bare? Preparedness is a 3 legged stool: PM, cash and food on hand.
The shelves are bare. That does not mean food does not exist. There are people who garden, farm and ranch who will take your PM in exchange for food.
How does one in the Hellenic Republic spend euro or bitcoins for bread? You must have storage PM and food!
You forgot lead!
And lead delivery systems!