Quote from article ATHENS Greek citizens are emptying savings accounts and buying gold as they brace themselves for the possibility of a sovereign default and a run on the banks. Pledges by socialist prime minister George Papandreou that his government would "save the country" have been widely discounted by the public. However, parliament gave him a vote of confidence late on Tuesday night. The socialists have a six-seat majority in the 300-member house. Sales of gold coins have soared as savers seek a safer and fungible source of value http://www.goldnewswire.net/greek-savers-rush-for-gold
This also happened at the begining of the Global Financial Crisis with the Greeks buying sovereigns well above the spot price, I think it was something like $700 each at one stage. People were desperate to get money out of the banks in case they collapsed, once bitten twice shy. My Father-in-lay is Greek and when he was working he insisted in being paid in gold sovereigns, which they did. Can't imagine trying that in Australia but if the option was there I might consider it.
I was on a statistics website the other day which showed the number of visitors a particular european bullion dealer (In Switzerland) was getting to it's website and which country they were from. Can't find the site now of course. Don't know how old the data was but the top 5 countries of origin for visitors were: 1. Ireland 2. US 3. Spain 4. Greece 5. Other countries With the exception of Ireland, I may have the other four in the wrong order. But, 3 out of the 5 are well known to be super stressed financially - that just leaves the truth to come out in the mainstream media about the US!
Damn I wish I could be paid in Gold or Silver, heaps harder for them to tax it when its not just some numbers on a screen! Not to mention, I'd take a 50% paycut if I could get paid in 1oz Silver Koalas at face value
Just curious for the price drop of gold at the moment... maybe central banks are selling high amouts as alot of people are buying gold (ie prevent it from going up too much due to high demand)
I think the "Harder for them to tax it" is part of the Greek problem anyway, my father-in-law had a deep mistrust of the Drachma as he caught the tail end of the 1940s hyperinflation so refused them. Still have some of his old wages in a tin at home! he is 70+ now. Don't seem to have any of the Fiat left though!
