“Greece Plays The Russian Gold Card” – Gold Goliath

Posted on :Feb 10, 2015

The roller-coaster ride for gold and silver continues Tuesday morning as precious metals see a modest drop due to a strengthened dollar and tech trading. Gold last reported a.m. is $1237 down $5.10 and silver is $17.04 down 9 cents.

Greece continues to be a concern for global markets as European Central Bank threats are not intimidating the new prime minister. Once the Greek defense minister threatened to ask Russia or China for help if the EU refused to offer assistance, the ECB re-evaluated its “no compromise” course. At a time when Russia has trumped every action taken by the EU the bank seems to be the one bowing at least for now.

Greece is seeking about $11.3 billion in short term financing while working its creditors to ease austerity plans. The EU and particularly Germany have been opposed to letting Greece off the hook for fear Italy and other nations will jump in asking for the same treatment. China and especially Russia are more than willing to offer Greece assistance especially as Greece has just partnered with Russia on a new military base to be situated on Greek soil.

The Ruble continues to depreciate with declining oil prices but Putin is countering this with purchasing more gold. ¬†Economic turmoil from plunging oil prices is adding hardship on Russia as oil and other energy sectors make up 45 percent of GDP but there is a positive for Putin. The silver lining for Russia is unlike the U.S. its not a debtor nation and approximately 10 percent of Russia’s foreign currency reserves are held in physical gold.

Russia’s gold reserves are now the sixth largest in the world and like China they are looking to defeat the U.S. dollar with physical gold. Both Russia and China have made it clear over the past year they are tired of being bullied by the dollar and Washington. It was at this point that Washington warned Putin, “not to tamper with the U.S. dollar”. Russia will not be intimidated by western power brokers. This same country snatched victory out of sure defeat during world war two against Germany. Paper sanctions and currencies are no match.

Russia showed it’s hand when sanctions last December brought a harsh decline in the Ruble yet Putin refused to tap into the country’s gold reserves. Putin understands the Ruble is not real money and if it falls to the way side the gold is still golden. Look for the BRICS nations to join forces in creating a new gold backed currency. Which currency it is doesn’t matter as long as it’s backed by gold.

This is something our Founding Fathers knew very well but unfortunately it’s become lost wisdom, especially since 1971.

It’s imperative we remember that gold and silver are real insurance against losses to paper currencies and fraudulent stock markets. When the dam finally breaks we won’t be concerned with what we paid for either precious metal only that it kept us from being wiped out financially. Isn’t this why we purchase insurance anyway? We hope never to use it but when we need it, it’s there.

The 1 oz. Silver Canadian Maple Leaf and 1 oz. Silver American eagle coins are being offered at special discounts. These coins along with the Gold Canadian Maple Leaf are available for your gold IRA as well. Call 1-800-577-3195

Gold Goliath is not your typical gold dealer.

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