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Author Topic: Greek savers rush for gold  (Read 882 times)
jgarzik
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June 21, 2011, 08:01:37 PM
 #1

Greek savers rush for gold
http://www.ft.com/intl/cms/s/0/c986823e-9bf8-11e0-bef9-00144feabdc0.html
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Greek citizens are emptying savings accounts and buying gold as they brace themselves for the possibility of a sovereign default and runs on the country’s banks.

Pledges by George Papandreou, the Socialist prime minister, that his government would “save the country” have been widely discounted by a cynical public. Parliament was expected to give his new government 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. “When the global financial crisis started, our sales of coins to investors overtook bullion for the first time,” said Harry Krinakis, at Sepheriades, a Greek precious metals trader. “Now the sales ratio has reached five to one.”

[...]

Jeff Garzik, bitcoin core dev team and BitPay engineer; opinions are my own, not my employer.
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PCRon
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June 24, 2011, 06:17:52 PM
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The question is, will that happen in more places around the world including the US?
Bazil
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June 24, 2011, 07:15:12 PM
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Greek savers rush for gold
http://www.ft.com/intl/cms/s/0/c986823e-9bf8-11e0-bef9-00144feabdc0.html
(free registration required, to read 10 or so articles per month)

Quote
Greek citizens are emptying savings accounts and buying gold as they brace themselves for the possibility of a sovereign default and runs on the country’s banks.

Pledges by George Papandreou, the Socialist prime minister, that his government would “save the country” have been widely discounted by a cynical public. Parliament was expected to give his new government 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. “When the global financial crisis started, our sales of coins to investors overtook bullion for the first time,” said Harry Krinakis, at Sepheriades, a Greek precious metals trader. “Now the sales ratio has reached five to one.”

[...]


So they are emptying their bank accounts because they are afraid of bank runs?  Can you say "self fulfilling prophecy?"

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TheGer
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June 25, 2011, 08:06:47 AM
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It's going to happen all over the world.  By design.
YoYa
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June 25, 2011, 06:05:08 PM
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We need a BTC/Precious metals exchange.
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