“Greece Better Find Its Gold” – Gold Goliath

Posted on :Feb 23, 2015

Gold on Monday dropped to a seven week low as Greece and the European Union agree to kick the can down the road a little longer. Last Friday the ECB agreed to give Greece a 4 month extension on it’s present stimulus package. Gold last reported a.m. is $12.02 down $3.70 and silver is $16.42 up 9 cents.

Greece has no possible hope of repaying its debt now at 175 percent of its GDP. The current bailout program requires Greece to reduce its debt to below 110 percent of GDP by 2022. A midst out cry from Greek politicians and citizens, Prime Minister Alexis Tsipras had no other choice but to postpone inevitable bankruptcy. Greece’s economy is in ruins and it faces bank runs, higher unemployment rates and more debt.

Athens had two choices which were very simple, collapse now or later. Grand speeches and rhetoric based on emotions are no match for reality and the new government was forced to bow to the European Central bank. Greece remains in the same predicament it was in before the new elections. Unless Greece is ready to sell Greece to the European Union and become EU subject tenants, this can only end in catastrophic loss to those poor individuals who entrusted their government to do the right thing.

The Eurogroup cannot accept the fact that Greece is insolvent and a “haircut” won’t make things better. The EU and its fanciful Euro cannot be allowed to fail as it would bring economic harm on every member nation including Asia and the U.S. European Union countries like Germany better quit wining about Greek “laziness” and get use to writing bailout checks.

European investors continue running to gold as demand for 1 kilo gram bars has increased 74 percent compared to 2014. The highest demand has been for the 2015 1 ounce gold Britannia as a typical customer is purchasing upwards of 20 plus coins. The coming gold stampede as Greece eventually defaults on its debt will be unprecedented. Gold exchange traded funds last week totaled near 17 million which follows purchases of 95 million a week earlier.

Greece’s gold reserves totaled 3.760 million ounces in 2012 according to the Central Bank of Greece. Half of its gold holdings are held by the Bank of Greece and the other half is held at the Federal Bank of New York and the bank of England and Switzerland. Rest assured Greece will not see its gold repatriated should it ask for it. We can term this gold,EU collateral.

Can any nation borrow its way out of debt? Not even the U.S. has a realistic hope of paying off its 18 trillion plus debt for the very reasons Greece cannot. Our economy remains in a shambles compared to 2007 economic numbers and the Fed and Washington done nothing positive to solve our woe’s. Current leadership has printed our way further down the road to economic slavery. What makes the U.S. different from any other nation when it comes to living on debt? We would be wise to take a closer look at Greece than listening to propaganda telling us, “all is well and recovery is around the corner.”

Silver and gold are available near or below production costs. We are offering special discounts on monster boxes of the 1 oz. Silver Canadian Maple and the 1 oz. Silver American Eagle while supplies last. Give us a call for questions and ordering. 1-800-577-3195

Gold Goliath is not your typical gold dealer.

Visit Us On FacebookVisit Us On TwitterVisit Us On Google Plus