*Updated: According to The Star Telegram, Texas may be creating a new facility to store its 1 billion worth of gold bars, in Texas. The gold is currently being housed at HSBC in New York. Yes, this is the same HSBC entangled in lawsuits over alleged gold rigging practices. Go Texas!
Gold is posting moderate gains Monday morning as the U.S. dollar index has erased solid gains in overnight trading. Gold last reported a.m. is $1194.90 and silver is $16.92.
Greek Prime Minister Tsipras is accusing its EU and IMF creditors of making absurd and unfair demands. On Sunday, Tsipras said bailout monitors are seeking to impose “harsh punishment”, on the nation.
Greece is scheduled to make a 300 million euro loan repayment to the International Monetary Fund this coming Friday and it has no way of keeping its commitments unless a bailout is extended. Fear of collapse has spurred large scale withdrawals from Greek banks totaling around 800 million euros over the past two days.
Mr. Tsipras wrote,“The lack of an agreement so far is not due to the supposed intransigent, uncompromising and incomprehensible Greek stance. It is due to the insistence of certain institutional actors on submitting absurd proposals and displaying a total indifference to the recent democratic choice of the Greek people.”
Tsipras is also accusing EU members of actually trying to break up the eurozone by centralizing power among core members specifically directing his comments towards Germany. The Greek government has continually shown hostility towards Germany even playing the blame game as all else has failed. Germany has made it known that they will not be part of any new stimulus measures unless Greece offered “real” reform.
EU officials are accusing Tsipras of using stonewalling tactics in order to buy more time while attempting to divide the International Monetary Fund from the EU.
As if previous remarks haven’t created enough anxiety, Tsipras goes even further stating: “For those countries that refuse to bow to the new authority, the solution will be simple: harsh punishment and mandatory austerity. Even worse, more restrictions on the movement of capital, disciplinary actions, fines and a parallel currency all resulting in the abolition of democracy in Europe.
Greece should serve as a warning to all nations that existing on perpetual debt eventually ends very badly for the debtor. Even in the U.S.
Falling victim to debt ridden economies is never a good option. Protecting wealth with assets like gold bullion and silver bullion is a common practice for central banks and governments. What about ourselves?
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