Bitcoin Forum
December 07, 2016, 04:33:10 PM *
News: To be able to use the next phase of the beta forum software, please ensure that your email address is correct/functional.
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: Greek savers rush for gold  (Read 879 times)
jgarzik
Legendary
*
Offline Offline

Activity: 1470


View Profile
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
(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.”

[...]

Jeff Garzik, bitcoin core dev team and BitPay engineer; opinions are my own, not my employer.
Donations / tip jar: 1BrufViLKnSWtuWGkryPsKsxonV2NQ7Tcj
1481128390
Hero Member
*
Offline Offline

Posts: 1481128390

View Profile Personal Message (Offline)

Ignore
1481128390
Reply with quote  #2

1481128390
Report to moderator
1481128390
Hero Member
*
Offline Offline

Posts: 1481128390

View Profile Personal Message (Offline)

Ignore
1481128390
Reply with quote  #2

1481128390
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1481128390
Hero Member
*
Offline Offline

Posts: 1481128390

View Profile Personal Message (Offline)

Ignore
1481128390
Reply with quote  #2

1481128390
Report to moderator
1481128390
Hero Member
*
Offline Offline

Posts: 1481128390

View Profile Personal Message (Offline)

Ignore
1481128390
Reply with quote  #2

1481128390
Report to moderator
1481128390
Hero Member
*
Offline Offline

Posts: 1481128390

View Profile Personal Message (Offline)

Ignore
1481128390
Reply with quote  #2

1481128390
Report to moderator
PCRon
Jr. Member
*
Offline Offline

Activity: 46


View Profile
June 24, 2011, 06:17:52 PM
 #2

The question is, will that happen in more places around the world including the US?
Bazil
Full Member
***
Offline Offline

Activity: 126


View Profile
June 24, 2011, 07:15:12 PM
 #3

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?"

17Bo9a6YpXN2SbwY8mXLCD43Wup9ZE4rwm
TheGer
Hero Member
*****
Offline Offline

Activity: 490



View Profile
June 25, 2011, 08:06:47 AM
 #4

It's going to happen all over the world.  By design.
YoYa
Hero Member
*****
Offline Offline

Activity: 627



View Profile
June 25, 2011, 06:05:08 PM
 #5

We need a BTC/Precious metals exchange.
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!