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Greece


watchesandwhisky

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Just put in a small 13oz order just in case.

I think Greece will drag out the negotiations as long as possible but since the party was voted in on anti-austerity they can't and won't bow to the demands on cuts.

A thought I had on the Russian connection is that if Greece can stay in the EU until the next vote on extending Russian sanctions around July/Aug then they can blackball the extension as I believe all countries need to be in agreement.

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Better getting shot of Greece now, they are just playing games trying to get their debt written off.  I hope the proposed deal to harbour a Russian fleet in exchange for Russia absorbing some of their debt is purely to scare Europe into doing the same.  Everyone knows they cooked the books to get into the EU, a country who does not believe in hard work and taxation but does believe in a retirement age of 50 is never going to sort itself out financially.

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short term prices will be even more volatile but longer

term positions won't change much. the marker for

gold to turn bull is thought to be an upward rise over

$1208 on high volume. no doubt if it threatens to reach

that stage then there will be a strengthening of the

dollar.

 

the deferring of the deadline could be a change in

attitude and make things messier.

 

HH

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Clever of Russia for the Navy deal.There will be pressure on Europe from within and the States to do some kind of deal to prevent this happening. Either way the Russians have helped out Greece and some time in the future, some vote for something Russia needs there way Greece will side with Russia.

I watched the Michael Portilo documentary on Greece and the people overwhelmingly want to stay in the Euro. The Euro suits Germany because there an exporting country and the euro currency suits there trade sales.

I feel sorry for the Greek people there government at a time of wealth and happiness spent a fortune on the infrastructure with big loans and now even the airport is up for sale.One town has 80% unemployment,Syrians are pouring in to try and survive the conflict there.Under this kind of situation would you let a few ships park in your bay? Can't blame them if they do.

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I think we will see a deal reached whereby both parties are able to say that they have renegotiated terms that are acceptable.  That will kick this can further down the road and will buy probably another 6 months without a Grexit.  That can will still need dealing with in 6 months or so, however, as Greece fundamentally cannot afford to keep making the repayments they will be expected to, under the terms of the new "agreement".  Then we will once again be right back in the same situation.  The numbers do not add up.  The Greeks say they will increase taxes to make the payments, but my understanding is that their tax system isn't geared up to do this.

 

The silver price has been hammered a little lower on continuing rumors that a deal will be reached in time for the 30th June payment, but even if a Grexit occurs we might not see an upward movement in silver prices straight away and the range it has been in for the last few months probably demonstrates the extent of the difference that is priced in for a deal or for a Grexit.

 

If the Euro is cast aside by Greece, the US will probably step up the PR around the US Dollar as a safe haven and we might see another Dollar Surge before we see any material rise in precious metal prices.....then we wait for their messaging to turn negative on the prospect of a rate rise in favour of a long term hold or better still for precious metal prices a cut in interest rates and a return to QE.

 

In the meantime, I have been buying more ounces of silver at the current prices, because I believe it is fabulous value right now.

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This is probably the most balanced report I have read about Greece over the last few days and it doesn't make for good reading.  Lenders disagreeing with each other, the Greek Gov disagreeing. It goes on to say  Left wing Austerity will only work if there is relief on debt. We will have to wait until Thursday I think.

 

 http://blogs.channel4.com/paul-mason-blog/greece-proposed-deal-work-debt-relief/3954

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Why do these opinionated economic news reporters look concerned and worried when reporting this story?

I assume it is one of two reasons;

 

1. They are told to look concerned by their producer  ;)

 

2. They are genuinely concerned as they have skin in the game (stocks, bonds or invested in property for capital gains). 

 

Either way it is self interest that makes them looked concerned. They are concerned that the debt ponzi game is up and what that means for them. The concern should be about the plight of the Greek people, many of whom are too young to have lived the high life before this all came crashing down but will probably be paying the consequences of it for the rest of their lives. That is unless they stop playing the game like Iceland did to us in 2008 and default on their debt. It is the young of Greece that we should be most worried about. You only have to look back a few decades to see what forcefully impoverishing a nation does to its voting habits. You would think Germany would know better?

 

As for precious metals, I can not see any correlation between Greece and the price of gold and silver. The uncertainty this madness is generating is not reflected in the prices which are grinding lower even when things were looking their most uncertain! The stock markets are much better indicator for tracking the daily sentiment of the situation. On a personal note I am thankful for the low prices - I love cheap gold and silver!  

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I agree with option 2.

They probably have secret day trading addictions.

When Sky reported the UK in deflation story the reporter concluded with something like

''...People may start to put off purchases so if we all go out and buy new white goods we may, just may, get the boom we are looking for''.

It was so ridiculous I may, just may, have to find the video.

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 many of whom are too young to have lived the high life before this all came crashing down but will probably be paying the consequences of it for the rest of their lives.

That sounds familiar, methinks that applies to quite a few western countries these days, especially the UK

Profile picture with thanks to Carl Vernon

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I agree with option 2.

They probably have secret day trading addictions.

When Sky reported the UK in deflation story the reporter concluded with something like

''...People may start to put off purchases so if we all go out and buy new white goods we may, just may, get the boom we are looking for''.

It was so ridiculous I may, just may, have to find the video.

The News states that line you quoted like its a fact, but the reality is there is no evidence in history that supports the theory the BBC and Sky News are promoting as 'What will happen'. They have taken part of the 'deflationary spiral' which is economic theory and state that as start and finish of what deflation is. And people believe it. Back in the real world, normal people do not speculate on the economy and put off buying a new sofa because they think it might be cheaper next month. They usually get one with 3 years interest free finance  :P

 

Only people with debt should fear deflation. The value of debt is increased in deflation, so your mortgage, car finance, business loans ect all cost more than they did when you took them out. The trouble is, so many people and businesses in the world are up to their eye balls in debt. They are the majority. The media represent the interests of the majority and so peddle the propaganda that supports their position. I am the opposite of this position and so see right through it. The thing that gets me the most is that I have to pay a licence fee every year to watch TV even if I don't listen to the BBC nonsense!  

 

Bit off topic sorry.  

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Syriza put themselves in an impossible situation when they promised their voters to end austerity but stay in the euro Unfortunately the people have been sufficiently brainwashed into believing that a prosperous existence can only be found in the eurozone while there is evidence all around them that the opposite is the case.

 

I wonder if the government would have preferred to leave the euro from the start but felt it was too hard a sell for the public to vote for them.

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Couldn't Greece help themselves by selling off all their gold or would that upset the market too much to be allowed?

As far as I can see, they don't "really" want to help themselves.

It seems they would rather negotiate better debt repayment terms or even have some of it written off.

Stacker since 2013

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Couldn't Greece help themselves by selling off all their gold or would that upset the market too much to be allowed?

 

then they won't have anything to back the new drachma with

and be in a worse situation.(I believe greece will leave the

euro, it's just a matter of time). the ~110 tonnes of gold

they hold is not enough to pay off their debt.

 

HH

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Greece has two choices the way I see it. 

 

Default on all of the debt and leave the Euro.

 

Default on 'some' of the debt and stay in the Euro.

 

Either way the Euro is taking a hit. It is impossible for Greece to pay back the debt is already has, and the bail outs are simply adding debt to pay off old debt. It is madness. It is therefore in the interest of Germany to keep this going on for as long as possible and not accept reality. On the flip side, the longer the this goes on the worse it is for Greece both socially and economically. For now the can has been kicked firmly down the road for six months but once the breather is over, we will be back to the two choices again. Someone will tire of can kicking eventually  ;)

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Exactly.

It's lose lose.

This is like giving someone without a job another 1yr zero percent credit card to keep making payments on their existing maxed card.

Can kicking.

Problem is whatever the outcome all euro users pay.

And Italy and Spain will want some of this socialised bail in if it means they can be less austere in their spending.

So I can't see a bail in happening. Nor an exit.

It's really a case of when, not if, the entire euro show unwinds. No solution is the only solution that means the issues of a resolution in either direction are not caused.

As for silver price, Greece won't change it, it's price is manipulated to where it is to help tally up a narrative of stability.

Silver won't enter a bull market until the Western debt unwinds, and the need to sustain the narrative of 'everything is awesome' ends.

Greece might be a trigger, but I think the can will be kicked long enough that another trigger does the job.

Imo.

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Gold silver price will go up if no deal. But bigger than that is the 6 monthly figures at the banks etc due 30 June.

Also there is a lot of open interest in both Gold and silver so the price will move soon eg a bear squeeze maybe (price sharp up then sharp down). This hurts weak hands like headge funds and gives banks a nice earner.

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