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Sunday, December 16th, 2018 - Buy Gold - Bringing you trusted gold news and gold investing information since 2006

Gold And Silver to Benefit From Continued Currency Frictions

Greek Prime minister won the vote of confidence on midnight Tuesday, at a time when other markets were closed, while most analysts are predicting an inevitable default by Greece at some point.

Yesterday saw Greek Prime Minister Papandreou winning the vote of confidence from his parliament. Analysts are now awaiting the outcome of next week’s discussions on the second round of austerity measures, and the subsequent implementation of the measures, which is accompanied by the fire sale of Greek public assets.

Experts are agreeing more and more that Greece is simply unable to repay its debt, leaving the rest of Europe unimpressed and the gold more or less unchanged.

The challenge now is for the euro zone to overcome its lack of inspiring confidence internationally. Fewer and fewer people remain confident in the future of the euro and are said to be looking elsewhere for financial security.

In the US, analysts are warning that the consequences of a debt default by the US government from the Federal Chairman Ben Bernanke will be much the same as those seen in Europe.

Mineweb reports: “The days when the dollar or the euro were as good as gold have gone, as both struggle with keeping the fundamental levels of confidence in their respective currencies.”

This development is benefiting gold and silver in the developed world in the same way as food and energy inflation is in the developing nations.

In Asia, gold held its recent high of $1,547 with the euro gaining slightly at $1.4402. Before London’s opening, gold in the euro fell somewhat to €1,074.09.

Gold in the dollar was at $1,546.00 and in the euro at at €1,074.36 at the Fix in London. Gold was trading at $1,545.10, and slightly lower in the euro at €1,073.77, ahead of New York’s opening.

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