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Greece is like a day time soap opera, where they keep coming back to the same story line. "They're going to default! Oh no they aren't. This time they're defaulting for sure! Nope, think again." Maybe Greece will make an appearance on "Young and the Restless" and Victor Newman will solve the problem the way he always does and just buy the whole thing.

It looks like Greece got the 95% participation rate it needed to stave off a messy default. The official announcement will be made later Friday. Will the markets rally? The markets rallied Thursday as it appeared more and more likely that Greece would get the 95% participation rate needed. But what Friday will bring is anybody's guess. People may focus on the improving U.S. data (as we had the U.S. jobs numbers Friday morning) or they may focus on the fact that the other troubled euro nations may ask their bond holders to take haircuts too. By the end of this whole mess, it may look like all the bond holders of EU nation's debt joined the army because of how short their hair has become. No matter what investors focus on, the one way we can play this EU debacle is through gold. Investors will continue to flock to gold as currencies continue to get devalued and even government bonds aren't looking so safe as you may get scalped.

How To Best Play Gold?

We can play the GLD to play the physical commodity or you can play it through under performing gold players. There are three big name gold stocks that haven't just under performed the commodity but have taken a huge beating. These three stocks have become so cheap that they are looking very attractive from a take out perspective. These three stocks are:

1) Agnico-Eagle (AEM) - had its Goldex mine in Quebec collapse (Sacre bleu!). It took a big write down on this asset and the stock has been hit hard. It still has terrific growth, great assets and in the mid $30s is an absolute steal.

2) Eldorado Gold (EGO) - bought European Goldfields, and the markets didn't like it because it has its key assets in Greece. I don't know about you, but Gold is Gold no matter where the mine is. If anything, Greece will be a more favorable place to mine as the Greek government is desperate for any type of money flow (so it won't want to risk losing the income from the royalties received from Eldorado by making the royalty fees too high). At $14 this one is in the discount bin at the dollar store.

3) Kinross (KGC) - this one I've been talking about for a while. This one is still dirt cheap since it is trading under book value and well under Net Asset value.

People always say "oil is black gold," well I'd like to start saying "Gold is yellow oil".

Source: Despite News Out Of Greece, Continue A Play On Gold