Updated 7/14 –
Gold prices are steady in early trading Tuesday as the U.S. retail sales report for June came in at down 0.3 percent. Gold last reported is $1156.40 and silver is $15.42. Greeks are humiliated over debt deal as they see Athens going down in flames.
Greeks can’t access cash, gold or silver being held in safety deposit boxes as long as EU imposed Capital controls remain in place. This is the very reason we advise clients against placing assets in these boxes in the U.S.
PM Tsipras was forced to kneel before EU creditors with bowed head and hat in hand as he agreed to place Greek citizens in more economic peril. Greece now faces the toughest political and economic measures ever imposed on any eurozone member in hopes of receiving $86 billion euro.
European Commission Chief, Jean-Claude Junker said, “There will not be a Grexit” which may have disemboweled the EU and its fading currency.
Mr Tsipras also said he had the “belief and the hope that… the possibility of ‘Grexit’ is in the past”.
“The deal is difficult but we averted the pursuit to move state assets abroad,” he said. “We averted the plan for a financial strangulation and for the collapse of the banking system.” Now, Tsipras needs to persuade members of the Greek parliament that he made the right decision as he agrees to, sales tax increases and pension reforms. In other words, we are going to borrow money, retire in the life of luxury and decimate working class Greeks for the next thousand years.
Jeroen Dijsselbloem, the head of the eurozone group of finance ministers, said the agreement included a $50 billion euro Greece-based fund that will privatize or manage Greek assets. Out of that $50 billion, $25 billion would be used to recapitalize Greek banks. Simply stated, Greece didn’t have a chance at receiving another dime without heavy collateral that will eventually be owned by outside forces.
Eurogroup Finmin president, Jeroen Dijsselbloem said Greek assets will be brought in with the target to privatize those in the coming years, but we will take our time with that. We then hope for proceeds of $50 billion euro, but that will be clear later. The banks have to be refinanced from this aid program, buy after that I take it that they’re worth money and then we can sell them.
Greece has now been purchased, hook, line and sinker.
Still wondering what happens to nations that no longer retain borrowing power? The U.S. debt monster is eventually coming for American assets as well. Perpetual debt has guaranteed us a place at the table and China may be seated at the head.
Paper assets only retain fiat value as long as the game goes on uninterrupted.
Precious metals don’t bow to rigged markets or powers that game the system. It’s time we began to seriously consider protecting our wealth with something other than lip service.
Both gold and silver are available below production costs and are IRA eligible. Give us a call to begin the process of securing your wealth. 1-800-577-3195
Gold Goliath is not your typical gold dealer.