Gold continues to outperform all major currencies excluding the U.S. dollar which has been strengthened primarily from European concerns. The U.S. dollar remains the safest bet compared to other sinking currencies. Despite poor performance against the dollar, gold has risen 11.5 percent against the Euro through March 2015. Given that the ECB has initiated its own long term QE program, the dollar will ride high along with sustained gold performance everywhere but in the U.S.
Cash strapped Greece signed a bill yesterday allowing the government to gain access to pension funds. Bloomberg reports, cash reserves of pension funds and other public entities kept in Bank of Greece deposit accounts can be fully invested in Greek sovereign notes the country’s finance minister said in an email statement.
Cash reserves can be used for repos, reverse repos, buy and sell back, sell and buy back transactions. Pension funds and public entities will be able to claim damages from Greek state in case of overdue repayment or partial repayment. We knew it wouldn’t be long before the new government forced its way into citizens pockets. Going after Germany’s money will make hero’s out of Tsipras and his new government but going after working class money will get them fired, quartered or possibly burned at the stake.
A proposal was made to Finance Minister Yanis Varoufakis that due to liquidity problems, Greece should halt payment of pensions and salaries for 1 to 2 months. We are sure this proposal didn’t come from the working peasants who would have been directly affected. Varoufakis described the proposal as “shameful.”
Please watch for the new Gold Goliath website coming any day. We are now accepting credit card payment utilizing the services of PayPal.
If you are considering rolling an IRA or other qualified retirement account into a gold IRA give us a call. It’s a very simple process for securing a portion of our wealth. Call 1-800-577-3195
Gold Goliath is not your typical gold dealer.