Gold fell Tuesday to a six week low as concerns over Greece and the EU continue simmering on the front burner. Ukraine is adding fuel to the fire as the previously reached peace agreement is not holding up. Gold is testing the $1200 mark as it hits $1209.20 down $18.70 last reported and silver is $16.43 down 92 cents.
Gold fell 5 percent in morning trading in London even as tensions increase between Greece and the European Central Bank. Talks collapsed Monday when Greek finance minister Yanis Varoufakis objected to a draft statement requiring Greece to prolong the bailout and enact real economic reforms in effort to stabilize the economy.
Prime Minister Tsipras is refusing to back peddle on promises he made to people but unfortunately his promises were backed by nothing but empty words and emotion. Eventually the only outcome available for both Greece and the EU is total failure of the debt based European Union economic system. Greece’s rescue program will expire on February 28 leaving the country with no financial backstop.
Gold is up 4 percent this year as investors speculate on what the world’s central banks next move will be. Fears over the Middle East, Asia and Europe will continue adding to gold’s appeal throughout 2015 but prices may fluctuate near current levels for some time. For gold to see sizable gains this year turmoil has to increase to offset gold price manipulation by the bullion bankers at COMEX and LBMA.
The time to buy insurance is when we don’t need it because when we do it’s either not available or no longer affordable. All U.S. markets are manipulated by central banks who are selling their stocks and then buying them back to keep liquidity in the system. In honest markets this is known as fraud and perpetrators would be facing lengthy prison sentences.
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Gold Goliath is not your typical gold dealer.