Seems like every different news outlet has a different story at the moment. What does it all mean and for bonus points how do you think it will affect silver(and gold)??? Thanks JJJ
I would say it means in short the first domino has fallen and the Sh#ts hitting the fan. For bonus points Physical gold and silver are set for a fantastic week - month - 2013-2015 IMHO
Affect on gold and silver! Stagnant pause...followed by confusion as European markets sort things out followed by...about mid May buying precious metal hand over fist! Banks are safe aye :| If you have money in a Cypriat bank in Australia...why would you? [youtube]http://www.youtube.com/watch?v=qu2uJWSZkck[/youtube]
Gold and silver aren't backed by anything JoeyJoeJoe Shabbadoo fiat money is backed by the government of the nation... and will be around forever...like the Labor Party... or the Greens... or the Democrats...
I agree. I think they are going to take 20% of your deposit in 1 bank or in other bank they are proposing to take 100% and put it in a "bad bank". I feel like this should be a huge up for silver but as every one can see it dropped hard on friday..... It seems like no one saw this coming a month ago. Are their any Greeks or Italian members? What is the feeling like where you live? Thanks JJJ
Why should Germans keep working and paying for the largesse of other European countries like Cyprus, Greece etc? And I agree. Greeks and others have a genetic opposition to paying taxes (everything is cash over there) but expect the pension at 50.
I agree with what you are saying. Why should the germans pay? I wouldn't want to . But on the the other hand why shoud any one that has money in the local bank pay because some very highly paid bank executives made a bunch of band loans to greece (this is the major reason that the cypriote banks are %$#ed as far as I can tell). Senario as far as I can tell. Greece lives high on the hog Borrows metric #$$% tons of money to finance the hog (180ish % debt to gdp) ^&$& goes down Greece needs to borrow an imperial ^%$# ton of money from the Troika to cover the intrest on the metric ^%$# ton IMF realise that greece will never pay either ton back without help (and they want their imperial ^%$ ton back) Greece gets heaps and heaps of its metric $&^ ton "forgiven" Cyprus banks are left insolvent after "forgiving" this huge amont of money Regurlar cypriotes are left carrying the can.. Seems unfair before all this went down cypros's debt was only 80ish % of gdp similar to the hard working germans. I dont have an answer but it just seems wrong. I think I would feel better if they french revoloutioned a bit, got the guillotine out and did a couple of dozen bankers. JJJ Edit : I cant spell
Metric = French = Tonne Imperial = English = Ton (Long & Short) The Cypriots loaned most of their currency pool to the Greeks... they really shoulda known better...
i wonder about precious metal availability in cyprus - anyone know if there's any "freeze" on imports or anything?
from silverdoctors, re: ABN Amro (Netherlands) discontinuing delivering client gold ... http://www.silverdoctors.com/dutch-bank-abn-amro-halts-physical-gold-delivery/ "*Breaking "The Cyprus/ Eurozone crisis has just intensified, as Dutch Bank ABN Amro has sent a letter to clients this weekend informing them that they will halt extradition and physical delivery of their clients' gold holdings effective April 1st! "No worries however, Amro ensures its clients that there is no need to panic or do anything rash (such as remove your phyzz prior to April 1st: We ensure that we have your investments in precious metals now the new way to handle and administer "Forget traditional imminent deposit bank runs in Cyprus, has a physical gold bank run begun?"
Yea, we got the news a few days ago.... http://forums.silverstackers.com/to...dutch-abn-to-halt-physical-gold-delivery.html You just wonder about why they think their clients would fall for that ....
Breaking News!!!! This is germany's reaction to the Cyprus crisis!!!! [youtube]http://www.youtube.com/watch?v=K5R2JyU_MKg[/youtube]
^^^ That was Gold!!! Thanks Giodor8 That bit with Hitler complaining about the smell in the bunker cracked me up!!!
According to a newspaper, the EU central bank delivered Cyprus 5 billion euro's cash (banknotes), with the transport trucks having been filmed. The ECB officials refused to comment the reports. Also, during february, nearly 20% of the bank deposits was either removed in cash or moved to foreign bank accounts. So apparently, some were aware of the pending confiscation/tax round, and they were so keen to not talk about it then.
I thought something like this would mean a spike in silver and gold prices. It's actually one of the reasons for stacking, like most others, that fiat currency can't be trusted. Instead, it nose dived. It's got me confused as fuck and questioning what I am doing sadly!
remember.... it's the 'paper' price we're seeing.... JPM's probably swamping the market with high volumes of paper metal contracts.
The extent to which the PM markets are manipulated is anyone's guess. Sure there is some manipulation going on, but what bothers me is that the manipulation argument seems to be the only in store for explaining the behaviours of the metals time and time again. It fits in the logic that if indeed the manipulators have complete control of the market, they won't let anything happy to their strategy. However I have a hard time believing the total manipulation story. And if it indeed is the case, then why would we speculate that they will fail anytime soon? I'm RM on this one.
