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filipo

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  • Will The Greek Referendum Spike Gold? [View article]
    abn,
    The Greeks screwed themselves, hey were not screwed by the ECB.
    If you're anti-establishment, I can understand your emotions though.
    Jul 5, 2015. 05:01 PM | Likes Like |Link to Comment
  • Will The Greek Referendum Spike Gold? [View article]
    Ben,
    Well, at least Samaras managed to keep Greece's Primary Balance positive, which was historical, a fact the Tsipras Govt immediately spoiled by introducing higher expenditures and lower taxes sending the Primary Balance into the red again.

    Oh, but I hear you saying, balances don't count, maths aren't important, it's the heart that counts.

    Well, you can have your heart-driven economy and keep it for yourself. Good luck with the leftists and with these Putin sympathisers.

    As a European, I find this whole referendum a charade of the first class and I can only hope Europe kicks the Greeks out of the EU/EZ asap.
    Jul 5, 2015. 04:57 PM | Likes Like |Link to Comment
  • Will The Greek Referendum Spike Gold? [View article]
    DH,

    Timeo Danaos et dona ferrentes, the Romans knew already.

    So, what if they don't carry presents at all but ask for them ?
    Jul 5, 2015. 03:47 PM | Likes Like |Link to Comment
  • Will The Greek Referendum Spike Gold? [View article]
    dver,
    Of course, that is exactly what has been happening in Greece for over 60 years now: brain drain, one of the main reasons of Greece disfunctioning.
    Jul 5, 2015. 03:45 PM | Likes Like |Link to Comment
  • Will The Greek Referendum Spike Gold? [View article]
    ger,
    Never mind Donald Trump.
    I really don't care what gold does ST.
    It's the LT that counts (+1Y) to me.
    The gold price won't react on a "no" vote either because it's being "fixed" anyway. There are enough parties who are ready to increase their short positions if needed.
    But giving Greece the advice to restart its own currency the Drachme is such a dumb idea, that I can't retain myself reacting.
    Jul 5, 2015. 03:43 PM | 1 Like Like |Link to Comment
  • Will The Greek Referendum Spike Gold? [View article]
    Prezzo,
    You know very well that by "all the smart Greeks left their country way ago and the only inhabitants left are communist morons." I meant that brain drain is one of the major if not the major problem of Greece.

    It is a problem that started right after WWII when they fought their bloody civil war (1945-1950) and it is a problem that went on unabated under the colonels' regime and the socialist governments.
    Greece after WWII never had the opportunity to develop an intellectual elite that stayed in the country due to a staggering lack of legal security.

    If my words offended you, so be it, the truth indeed often does.

    Someone who thinks that a new Drachme is the solution to the Greek problem, like Ben does, is indeed shortsighted and if such is your bias too, I'm sorry to have to say, but you must be shortsighted too.

    First, do you think the Greeks find the needed goodwill on the capital markets to fund their necesseray projects after they defaulted ?
    Secondly, the past has amply shown that Greece has not the capability to manage its own currency. Of all the profligate European countries, Greece devalued the most.
    You think chronical devaluations offer stability ?
    Well, you're wrong and ... shortsighted.
    Jul 5, 2015. 03:31 PM | Likes Like |Link to Comment
  • Gold Is Heading Lower [View article]
    gabriel,
    Yep !
    Endgame approaching..
    Jul 5, 2015. 09:28 AM | Likes Like |Link to Comment
  • Will The Greek Referendum Spike Gold? [View article]
    Yeti,

    I wonder if the name of Samaras rings any bells to you ?
    Jul 5, 2015. 06:18 AM | Likes Like |Link to Comment
  • Gold Is Heading Lower [View article]
    contrarian,
    I agree re the long deleveraging process (dp).
    I had the wrong assumption reading your previous comment(s) that you anticipated a rather short dp.
    It all depends on how swift the authorities will respond to that dp.

    Given the stance that they have now (German opposition to QE and US favouring rate hike), I indeed think the authorities' reaction will be rather slow because new QE measures would imply a 180° turnaround of their mental bias.

    Re manipulation, I regard it as a religion. Some people believe it is not present (religion A), others believe it is present (religion B).
    As for me, I rely on facts and one of the facts is that as an example Barclays' has been fined for manipulating the gold price:

    http://bit.ly/1CivYOp

    and

    http://reut.rs/1qgy9vi

    and

    http://bit.ly/1CivYOr

    and

    http://bv.ms/1r6RKhF


    Now you can either deny the reality of these Reuters', Bloomberg and FT reports about Barclays manipulating the gold market and further stick your head in the sand, or you can face reality and try to make the best of it and trade accordingly.
    Jul 5, 2015. 04:34 AM | 2 Likes Like |Link to Comment
  • Will The Greek Referendum Spike Gold? [View article]
    Ben,
    "personally I think they should default and issue new currency..

    Yeah, as with the pre-euro drachma: they had to devalue it every other year or so by 50% each time.
    Great perspective !
    I don't understand how you can be so shortsighted !

    Greece with its own currency, even without the old debts is a recipe for disaster, simply because it would not incentivize the Greeks to mend their own accountability.
    Jul 5, 2015. 04:03 AM | Likes Like |Link to Comment
  • Gold Bulls Are On Borrowed Time [View article]
    rogro,
    A yes or a no won't give much difference.
    Greece is toast anyway, the ECB will keep it's stance anyway.
    The only difference the referendum will have for the Greek govt. A yes will probably mean new elections while a no will have the communists keep on terrorizing their own kin and annoying the EZ/EU.

    BTW, the largest exposed banks to Greek debt are UK banks (€10bn).
    Jul 4, 2015. 04:20 PM | Likes Like |Link to Comment
  • Gold Bulls Are On Borrowed Time [View article]
    rogro,
    Yep
    Jul 4, 2015. 04:15 PM | Likes Like |Link to Comment
  • Gold Bulls Are On Borrowed Time [View article]
    rogro,
    The PR situation is interesting because it bears some similitudes to Greece's.
    Here is what John Mauldin has to say about it:

    http://bit.ly/1KF4HHc

    What interests me is whether the WSJ and the FT who have been ferociously advocating a Greek debt pardon by the ECB will be advocating the same financial policy when it comes to PR, instead of restructuring.

    What are your thoughts about this duality ? Paul Krugman must be agonizing now that notwithstanding all QE that has been applied in the US, Illinois too is on the brink of default.
    Jul 4, 2015. 04:14 PM | Likes Like |Link to Comment
  • Gold Is Heading Lower [View article]
    contrarian,
    Sorry to intervene in your discussion with 9876, but it appears that the deleveraging that we witness could have a longer life than we anticipated.
    I don't think that the EZ is much enclined to raise it's actual QE program to levels that would be sufficiently high to adsorb all the periphery's debt.
    And in the US there not only is much talk about raising rates, but the profligate states and Cities (Illinois, Detroit, California, Puerto Rico...) face restructuring (=synonym of austerity) rather than forgivennes of debt.

    Of course these policies could change once the situation gets out of control.

    Having said that, I do not think that the gold price should be liable to deflation. During deflation there usually is a flight from fiat currencies into asset classes that are judged to be more secure, like gold.

    The fact that the gold price is so low has imo more to do with the unseen high level of open interest of certain criminal organizations:
    http://bit.ly/1KF0lQl
    Jul 4, 2015. 04:01 PM | Likes Like |Link to Comment
  • Gold Is Heading Lower [View article]
    gabriel,
    I have been saying endlessly that the West, due to the shorting operations of certain criminal organizations,
    http://bit.ly/1KF0lQl

    will find itself in a situation where there is no more physical gold available here.
    Jul 4, 2015. 03:47 PM | Likes Like |Link to Comment
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