The EURO is a joke. Gold benefits.
cohodk
Posts: 19,244 ✭✭✭✭✭
The Eurozone announced they will bailout Greece. However they need help from the IMF. Imagine if the USA asks the IMF to help bailout California or New Jersey or Illinois. That a pansy currency. 
This EURO weakness has helped to support the price of gold as Europeans dump their currency in favor of the yellow metal.
To quote Forrest Gump, "Thats all I have to say about that."
This EURO weakness has helped to support the price of gold as Europeans dump their currency in favor of the yellow metal.
To quote Forrest Gump, "Thats all I have to say about that."
Excuses are tools of the ignorant
Knowledge is the enemy of fear
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Comments
US can print its currency whenever it "needs" to.
Individual European nations cannot print Euros, they come from the European Central Bank which serves the European Union, not one particular country. If Greece were not in the EU, it would be printing it's own currency to get out of its current mess (only to create a whole new mess, but that's another day). Because of this reason alone, the EU will eventually dissolve and the individual countries will go back to using their own currency.
Exit bunker, enter Matrix. LOL
TD
<< <i>FWIW, we had somebody come in today to buy a gold eagle and use 1,000 Euro in 50-Euro notes to pay for is.
TD >>
Did you run right to the bank to get rid of them?
Exit bunker, enter Matrix. LOL
Run, do not walk, to the nearest foreign exchange window!! I'd put a wink, or a smiley face on this, but it's not even funny or cute anymore.
I knew it would happen.
<< <i>FWIW, we had somebody come in today to buy a gold eagle and use 1,000 Euro in 50-Euro notes to pay for is.
TD >>
Did he get any change back in that purchase?
Exit bunker, enter Matrix. LOL
Asking for help by the IMF could merely be more stall tactics to allow the Euro to drop further...which is exactly what Germany, France, and the others want. They've stalled for weeks as it is to get the Euro to devalue on its own. Unfortunately the USA cannot use the IMF tactic.
roadrunner
<< <i>All currencies will ultimately help support the gold price. Most all of them are a joke. This month it happens to be Greece and the Euro. Next month it could be California and the US dollar. Our national govt will bail out the states one by one as well....to some extent they have been doing this already for decades. And it will continue. But you will never see it in the press as a "bailout" because it will be business as usual. The IMF is not needed since we have THE WORLD'S printing press, THE FED, the Wall Street Banker Boyz, and military might to keep the con alive.
Asking for help by the IMF could merely be more stall tactics to allow the Euro to drop further...which is exactly what Germany, France, and the others want. They've stalled for weeks as it is to get the Euro to devalue on its own. Unfortunately the USA cannot use the IMF tactic.
roadrunner >>
Oh, I believe the USA could use the IMF if needed - but the IMF would not be able to put a dent in the USA's needs. IMF is basically set up to bail out third worlds country's that are willing to sell their souls to the demands of outsiders. The IMF ruins each country it assists by requiring changes that turn the country over to others.
Exit bunker, enter Matrix. LOL
I guess I had more to say. LOL
Knowledge is the enemy of fear
Exit bunker, enter Matrix. LOL
<< <i>Sad thing is most Americans don't realize US tax dollars go the IMF to bailout other countries. >>
Sad to say I didn't know this until 3 days ago. We are on the hook for 17% of Greece's bailout via the IMF.
ed4%
I was going to respond to cohodk's original post by saying, "Your Tax Dollars at Work" but when I got to the bottom of the thread, you guys had already beat me to it:
<< Sad thing is most Americans don't realize US tax dollars go the IMF to bailout other countries. >>
Sad to say I didn't know this until 3 days ago. We are on the hook for 17% of Greece's bailout via the IMF.
I knew it would happen.
<< <i>As of the date this thread started, Euro was 133.50, now 128.20. Gold was about $1090, now 1170.
I guess I had more to say. LOL
Gold is not down worldwide. Gold is still strong. Its just down in America because it now takes fewer dollars to buy gold because the dollar is even stronger.
TD
<< <i>The EURO is a joke. >>
An unfunny joke at that.
<< <i>
<< <i>As of the date this thread started, Euro was 133.50, now 128.20. Gold was about $1090, now 1170.
I guess I had more to say. LOL
Gold is not down worldwide. Gold is still strong. Its just down in America because it now takes fewer dollars to buy gold because the dollar is even stronger.
TD >>
I think what I wrote shows that gold is up in the US dollar terms. Im not gold negative as may seem to believe.
Knowledge is the enemy of fear
TD
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Box of 20
SeaEagleCoins: 11/14/54-4/5/12. Miss you Larry!
<< <i>According to KITCO, over the last six months gold is up 7.90% in dollars, and 25.26% in Euros.
TD >>
And while oil has remained steady in dollar terms, it is up 16% in Euros. That ought to do wonders to the European economy.
Knowledge is the enemy of fear
Exit bunker, enter Matrix. LOL
<< <i>We're going to England in July. At this rate I'll be able to exchange dollars for pounds even-up... >>
When I was stationed there in 76 I could have bought a brand new MGB GT for half of its price in the states. But noooooo, I had to have $3000 worth of quadrophonic audio gear. I'm a lot smarter now.
Exit bunker, enter Matrix. LOL