Greece To Exit Euro, New Currency To Fall 60%: Citi Report

I'm still scratching my head as to why there isn't a stampede into PMs.

I guess sheeple are waiting for US elections and when the new President announces QE3 to bring the USD down. Then PMs will explode...at least that's my read today.

Even if there wasn't a US election coming, people are jumping into the green back as a safe haven (fiat as a safe haven ). The USD is rising, not good for US recovery, there will be efforts to prevent this.

For me being Canadian, even if PMs go sideways in a narrow band and the USD goes up, the value of my PMs go up in my home currency of Canadian dollars.

Or if the printing presses are fired up, PMS will shoot up.

If I was in one of the PIGS countries (Portugal, Ireland, Grease, or Spain) I would make sure my bank balance is zero, I would split every last penny I had on nonperishable food, living supplies, and PMs. But that's just me.

Funny you say that. I just had that constructive argument last night with a friend.

He said he doesn't care about the price of silver or gold because its measured in 'worthless fiat dollars'. I agree with him on 9/10 points he makes, except the one. 'I don't care about the worth in fiat dollars'.

I told him,
"of course you do.

"It's all a game that has to be played. If you buy precious metals to protect yourself, what do you buy them with? When you need to use your precious metals to buy a house, what must you first convert them to?

Until the answer to both of those questions are no longer Fiat dollars/electronic credits, you need to care about the fiat dollar."




I thought that was because spot price is set by the paper market, and the paper market is heavily oversubscribed, implying product availability.

I don't have a single friend in the non-virtual world who knows a thing about silver's real value. Spot price? What's that? If I show them an ASE, they'd assume it was worth a $1.

What an irresponsible article. It's title presents as fact what is merely speculation, to lure in readers. Yellow journalism at its worst.

Saw a TV report which suggested that still about 70% of Greek people wish for their Country to remain within the Eurozone despite of the debt and austerity problems.

So 3 out of 4 would rather stay in then get out. Makes me think as bad as things are for them all, it could get worse....

Is Finland in this group? Seems to me that the Nordic countries and Germany are doing quite well these days.



Probably because we are still in Phase I, where fiat currency problems are addressed by jumping out of the ones that are perceived as being "bad" and jumping into the ones that are perceived as being "good". They are also jumping into US Treasury paper. Both US dollars and treasuries will become obvious stinkers as holdings when Phase II begins.

Of course, most of us recognize that there are no "good" fiat currencies right now. The Australian and Canadian currencies are pretty good now but the amount of them available is too small to be used all over the world.



Roger that! PMs make great hedges against inflation and in spite of all of Bernankes' comments on how low inflation is, those of us who shop for the necessities of life are WELL aware that inflation is already higher than the Fed or the gov admits and will likely move higher still. I do not see any of our "leaders" doing anything that would really strengthen the US dollar and that is what it will take to slow the PM train. All of the actions that they are taking will weaken the US dollar and this is not an accident.



Those Morgan and Peace 0.7734 ASW dollars are pretty sweet too.



I'd be REAL careful about taking that at face value. We all know that the answer one gets to any question depends a lot upon whom is asked and how they are asked. Although the news coverage of events in Greece is pretty poor here in the US, comments coming out of there via the Internet do not seem nearly this positive. When people are so desperate that they are giving up their children because they cannot feed them, that is a situation that is about as bad as it gets. I just wonder how close to civil war Greece really is at this point.



I dunno. Spain looks to be in pretty bad financial condition, alright, but then so are Portugal and Ireland. Could be a real toss-up among which of these will actually leave the EU. A country the size of Spain leaving would probably collapse the euro but they might be able to continue, even if a few of the smaller ones leave.