BullionStar News
Writers Torgny Persson, Koos Jansen
& Hong Kang See

Global Financial Turmoil, Gold Price Doesn’t Move

Sunday the 5th of July 2015
It’s remarkable the Greek tragedy has had no influence on the gold price in recent weeks. We’ve heard repeatedly Europe and Greece could not reach a deal for an extended bailout, are financial markets suffering from Euroscrisis fatigue?

Team Dijsselbloem-Juncker states they stretched all they could and offered the Greek government a reasonable deal that would require more reforms the Hellenic Republic, but team Varoufakis-Tsiparas will not agree with the proposed reforms. On Thursday June 25 another final meeting ended with no success, while Greece had a payment of €1.6 billion to the IMF coming up on June 30, negotiations were pushed to Saturday June 27. Dangerous territory, a bank holiday usually kicks of in the weekend when financial markets are closed.

Again, on Saturday June 27 no agreement could be reached, crowds started to appear at ATMs in Greece. The Greek government closed the banks, only allowing people to withdrawal €60 a day, and organized a referendum (held on Sunday July 5) to let the Greek people decide if the latest offer from their creditors should be accepted, yes or no.

On June 30 Greece defaulted by not paying the IMF €1.6 billion, followed by a media war between team Varoufakis-Tsiparas and Europe in which both sides are accusing each other of spreading false rumors on the current state of affairs; shaking the fundamentals of the great European project.

Concurrently the Chinese stock market fell into an abyss, from a peak on June 12 down 29 % on July 3, nearly ¥15 trillion yuan (over $2 trillion dollars) was moved out of the Shanghai Composite Index. Yet, recent financial turmoil has not moved the gold price. Not in dollars (or renminbi, as the renminbi is pegged to the US dollar):

... Continue Reading
By: Koos Jansen
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Gold is the most stable asset class known to man. Gold sustains value in times of economic uncertainty.

Gold has historically also been used as money. With investment demand increasing significantly, the time frame for buying gold at today’s prices may be running out. Read more here.
Silver is an asset with enormous potential. The industrial demand for silver is increasing quickly.

Silver has historically also been used as money. With both industrial demand and investment demand increasing, silver may be the investment of a lifetime. Read more here.