 |
 |
 (Sponsored Ads)
      |
Greek Rush for Safety Sends Gold to $1700
When it hits the fan and your country’s wasteful spending and extreme debt finally come home to roost, this is what happens:
Those Greeks that have money are willing to pay a 40% price premium just to make sure they have something left if their government collapses due to debt crisis. While this may be regarded as panic buying because obvisouly the price of gold outside of Greece has stayed in the $1000 – $1200 price range, it is clear that when a country’s private sector loses confidence in its government, there is only one feasible place to go for safety because it’s liquid, readily recognizable, and globally accepted as a trade instrument – precious metals. Learn more about the ins, outs, why, what and how of precious metals from the most recent Schaef Report Special In Depth Precious Metals Edition. Also read Collapsing Public Confidence and Gold to learn why gold is not just a hedge against inflation, but a hedge against out-of-control governments. Author:
Mac Slavo Copyright Information: Copyright SHTFplan and Mac Slavo. This content may be freely reproduced in full or in part in digital form with full attribution to the author and a link to www.shtfplan.com. Please contact us for permission to reproduce this content in other media formats. 14 Comments... Leave a Reply |
       
 |
Web Design and Content Copyright 2007 - 2011 SHTF Plan - When It Hits The Fan, Don't Say We Didn't Warn You - All Rights Reserved
The content on this site is provided as general information only. The ideas expressed on this site are solely the opinions of the author(s) and do not necessarily represent the opinions of sponsors or firms affiliated with the author(s). The author may or may not have a financial interest in any company or advertiser referenced. Any action taken as a result of information, analysis, or advertisement on this site is ultimately the responsibility of the reader.
It would seem that a priority check is in order. Should their government collapse due to a debt crisis, these same people will be pawning their gold for food on the table. The herd mentality will be the death of them/us all. Remember………financial diversity is both wise and prudent the best of times; more so during times such as this and what is to come. These gold vendors stand to make a killing on both ends. Please try to stay focused people, mistakes made at this point may very likely be permanent.
Rate This Comment:
0 
0
Speaking of gold, has anyone heard about the pulled National Enquirer write up about Barack Obama’s affair with Vera Baker?
Supposedly the National Enquirer is owned by a New York banker which is probably the reason Obama’s Financial reform bill is so lame.  He does not want the article circulated and has agreed to water the bill down to give the bankers terms that favor them, not the citizens?
http://www.mediaite.com/online/the-national-enquirer-obama-sex-scandal-the-media-and-mediate/
Rate This Comment:
0 
0
Wait a minute…who said PHYS is 40% over NAV premium. Does that mean PHYS is over-valued? I’m assuming PHYS is safer than most gold ETF’s. Someone let me know…
Rate This Comment:
0 
0
Yes, PHYS is well over NAV… as with EVERYTHING… buyer beware, do your own research before buying anything.
Rate This Comment:
0 
0
The article says the gold coins being traded are .2354 of an ounce. The coins have sold for AS MUCH AS $409 per coin. I would like to know HOW MANY sold for this price.
I think the article is just more fear mongering for those who have something to sell.
If you buy gold because YOU have done your own research leading to what you feel are logical conclusions, then buy it. Don’t be suckered into an emotional buying spree you might regret later.
Rate This Comment:
0 
0
No I agree which has led me to PHYS in the first place along with CEF. I think there’s going to be a short-term correction. I’m waiting for about 1050 or so before I go “all in.” I highly doube that it’ll break the resistance of 1000. In some ways, gold is acting like a bubble b/c everyone’ s talking about it and that’s the worst way to invest. I guess that’s why I like silver much much better but there are no darn good ETF’s for that one. If you guys know of any, please let me know b/c I’ve been searching for years.
Rate This Comment:
0 
0
Henry,
The price which the central bank sells is being announced every day to the official site: http://www.bankofgreece.gr/Pages/el/Markets/LIRA/default.aspx
For example the 27 of May, the selling price is 269,30 euros whereas the bying price is 224,88 euros.
The difference between the two prices is the bank’s profit.
About the 409 dollars per coin (or 335 euros), i presume that it refers to some extreme cases, being sold in the black market.
The bank issues a legal invoice which refers to the official site, and prohibits from any kind of speculation.
In my opinion, gold is going to preserve a desperate person or family for just a little longer. No to much though, since speculators would ask anything for a piece of bread or some cans.
Again the main thing is to be able to produce your own food and water.
manos
Rate This Comment:
0 
0
If you screw around long enough there will be no physical gold or silver to buy. Â
If you buy ETF’s you are already screwed as I can assure you they will not deliver as this crisis deepens. ETF’s are a total scam dependent on their contracted (third party) bullion banks to hold the physical metal which they themselves have allocated their limited holdings to multiple parties.   The demand totally outstrips available supply.  Â
In other words the amount of ETF contracts outstanding are totally out of proportion to what the bullion banks physically hold.
As far as I’m concerned your dog meat if you buy ETF’s.  If you want to protect your loved ones buy PHYSICAL!        Â
Rate This Comment:
0 
0
Manos
I agree with you. My own opinion is gold and silver should be purchased only in bullion, and in the case of gold, in the lesser denominated bullion coins, i.e. 1/2, 1/4, and 1/10th ozs.
Rate This Comment:
0 
0
PHYS NAV http://www.metalaugmentor.com/eforum/?tag=phys
I have GLD in my IRA too but there are lots of doubts on how much gold they really have.
Rate This Comment:
0 
0
My guess is that there’s probably some stiff VAT tax of 15-20%. Then add a premium of 10-15% and that what’s left as “real” premium over spot. I don’t know all the ins and out of buying gold in Europe but people I’ve spoken to from Europe told me they always have to pay 15-20% VAT on all bullion purchases right off the top.
Rate This Comment:
0 
0
Nice link “snafubar.” However, the reason for the drop in price on PHYS that day was BECAUSE of the additional units supplied. Supply & demand. But I still think PHYS is a good instrument. Marc Faber even says “you can’t go wrong investing with Eric Sprott,” which is on the record.Â
Rate This Comment:
0 
0
[...] Greek panic pushes gold prices to $1700 (SHTF) [...]
Rate This Comment:
0 
0
[...] than any time in recent history, as we can see from what happened in Greece a few months ago when the “street” price of gold rose to $1700 per ounce while the bankers’ paper price was trading in the $1150 range. Additionally, we suggest to [...]
Rate This Comment:
0 
0