Despite a rebound in the U.S. dollar index gold and silver are making solid gains on Friday. Gold last reported a.m. is $1207.70 and silver is $16.54. We expect continued index pressure into the third quarter that should keep gold hovering around the $1200 range.
News that Greece made its debt payment to the International Monetary Fund which was due Thursday, gave momentary relief to European stock markets and pushed them to firm near record highs. Market hype or not, Greece has become the unwanted step child of Europe and the EU will have no other choice but to put them out unless Greeks voluntarily exits.
When a nation has no legs to stand on traditional protocol is to blame surrounding nations into believing it’s their fault your’e in the situation your’e in. Greece has once again opened mouth and inserted foot by releasing a video showing rare footage from the Nazi occupation during the second world war. The footage shows emaciated adults and children all victims of German war crimes. The video was released to show proof that around 300,000 people endured mass starvation in Athens alone.
Greece contends Germany owes them EUR 278.7 billion for war crimes and the Germans continue rejecting their demands calling them a pathetic attempt to stave off national bankruptcy. Maybe Greece has seen the “blame game” played so successfully in the U.S. since the 1960’s that it looks like it’s worth a shot. Either way Germany won’t be blackmailed into submission.
India’s government is reportedly attempting to get its hands on temple gold estimated to be around 3000 tons. Prime Minister Narendra Modi claims his reasoning behind this is to combat the nations trade imbalance. Modi is suggesting the temples deposit their gold with banks in return for interest payments.
The government plans on melting the gold and lending it to jewelers to meet the growing demand for gold and reduce economically crippling gold imports accounting for 28 percent of India’s trade deficit in March 2013.
This is not the government’s first attempt at getting its hands on temple gold. A similar plan launched in 1999 was unsuccessful because temple officials said interest rates being offered on gold were too low. It’s estimated that Indians hold an additional 17,000 tons of gold in family vaults in various forms.
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