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How will the collapse of the Greek economy impact precious metal prices?

alexd

Administrator
Staff member
It looks like Greece is going to be out of the Eurozone shortly. I am wondering how this will impact precious metal prices? Any of you financial wizzes know? I am thinking i should buy some gold or platinum because it my spike upward suddenly...
 
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Jeffsus

TRIBE Member
Won't someone please think of all the young Greek athletes who can no longer afford massages????

-jM
A&D
 
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wickedken

TRIBE Member
I think Greece will shortly be back in... this feels like a tactic by the Europeans to force the socialists out of power and get a more favourable government who would enact the reforms demanded.
 

Polymorph

TRIBE Member
ugh. Does anyone really give a shit about Greece anyways?
Honestly, as a grand Social Experiment, I'd like to see them exit the Eurozone, just to see what happens.

Would be a lot more interesting than all this boring ass *negotiating* that's going on now.

Attention-grabbing BBC headlines, drama queens. Nothing more.
 

KickIT

TRIBE Member
Who wants to bail out Greece?

putin.jpg
 
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coleridge

TRIBE Member
A couple of weekends ago I was in London and had the displeasure of sitting outside of a pub on a sidewalk table beside a very loud, very drunk table of English residents of Greek descent. It was St. John's Wood, which is a pretty affluent area of London, and these people were all early 30-somethings with what seemed like some money behind them. They did remind me however of the cast of Girls where everyone is pretending they have money but don't really.

Any way, they were drunkenly arguing about what the EU could possibly do to Greece. They weren't really arguing though, they were more very loudly agreeing with each other that Greece is not truly at fault for any of this. The level of denial by a group of people who although had Greek connections seemed to be Londoners through and through, and have a clear view of things from a perspective outside of the country, was pretty jaw dropping. The country is screwed.
 

Bass-Invader

TRIBE Member
A couple of weekends ago I was in London and had the displeasure of sitting outside of a pub on a sidewalk table beside a very loud, very drunk table of English residents of Greek descent. It was St. John's Wood, which is a pretty affluent area of London, and these people were all early 30-somethings with what seemed like some money behind them. They did remind me however of the cast of Girls where everyone is pretending they have money but don't really.

Any way, they were drunkenly arguing about what the EU could possibly do to Greece. They weren't really arguing though, they were more very loudly agreeing with each other that Greece is not truly at fault for any of this. The level of denial by a group of people who although had Greek connections seemed to be Londoners through and through, and have a clear view of things from a perspective outside of the country, was pretty jaw dropping. The country is screwed.
what do you think the correct perspective is?
 

Bass-Invader

TRIBE Member
At least acknowledge that the "it's not my fault" argument isn't going to get them out of this mess.

I haven't met a single Greek -and I meet a lot of Greeks in London - who would not admit that previous governments mismanaged their economy and that fault is shared in what happened then.

However, what is happening *now* is very different. One might think that in crisis cases like these the eurozone would come together and try to actually fix economic problems like this. Instead, all the eurozone has done is buy out Greece's private creditors (so the bailout money has generally been paid to German banks, and the risks transferred to European taxpayers) while at the same time imposing austerity conditions on Greece even more severe than the Americans suffered during the Great Depression. The Greeks elect a government with an overwhelming mandate to renegotiate these terms, the eurozone offers absolutely nothing.

Seriously is this how the members of an economic union help each other? Save their own banks and set fire to the injured country?

So if your Greeks were talking about today's blame then I don't think they are far off from being correct.
 
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wickedken

TRIBE Member
Yep I think lots of shared blame here. The fact is the position of the ECB is mostly due to them not wanting to lose money, as opposed to making Greeks share the burden as it will. And these are the same people who made Cypriots take a loss on their savings bank deposits to "share the burden".

Regardless it's all show as Markets think this is short lived. ZH reporting 80% short interest in VIX so things will settle down, and of course markets are never wrong, right?
 
I think that the EU is nervous about what precedent that the Greek bailout re-negotiations might set for other countries that are in a similar precarious situation economically, which could explain why they're not budging on their position.

Remember that it wasn't that long ago that people were fearing a domino effect with Spain, Ireland a few others.

Most likely the EU wants to maybe ensure that they're putting forward an image of "we're not fucking around", and quite likely going overboard in doing so, to avoid having other countries try and pull the same thing.
 

Bass-Invader

TRIBE Member
I think that the EU is nervous about what precedent that the Greek bailout re-negotiations might set for other countries that are in a similar precarious situation economically, which could explain why they're not budging on their position.

Remember that it wasn't that long ago that people were fearing a domino effect with Spain, Ireland a few others.

Most likely the EU wants to maybe ensure that they're putting forward an image of "we're not fucking around", and quite likely going overboard in doing so, to avoid having other countries try and pull the same thing.

That is a big part of it. Problem is, this crisis needs compassion and solutions not examples made. Also if the left wing Syriza party is drawn and quartered to send a message, expect the more desperate populations of Europe to turn right. That's a scary prospect.
 

Jeffsus

TRIBE Member
What's going to come of this is people are going to realize it doesn't matter if you don't pay your bills.

The USA is trillions of dollars in debt to everyone.
People don't realize but Japan is the most indebted country in the world.

So who cares about Greece? So they're not going to pay their bills on time. So what? It's just a big artificial system anyway?

The world will keep turning, the fish will keep swimming. I'll probably even go to work.

As Serge the Russian would say,

"Unsecured debt never needs to be paid off."

-jM
A&D
 
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Jeffsus

TRIBE Member
Remember the Icelandic financial crisis?

No?

Because it didn't matter.

All the chatter was that they're going to fall apart and somehow that will be a big "thing".

Well it wasn't, they bounced back just fine; in part because they said "Screw you creditors, you made a bet and you lost. We're going to pull ourselves up."

And that's the thing. Creditors seem to think they are entitled to their returns. What everyone forgets is that creditors are taking a calculated risk and that risk involves failure. So, hats off to Greece for defaulting. I just kinda wish it was France.

-jM
A&D
 

Jeffsus

TRIBE Member
More focused,

Those trillions, hundreds of trillions, of dollars that the USA owes to everybody --

Does anyone expect those, realistically, to ever be repaid?

We're talking generations of GDP output to ever possibly repay that much money. At some point doesn't it become just a silly game of empty promises?

Every year the USA goes through the same budget fandangle and the result is to just conjure up some more money. Yet, very few people are asking about the American financial crisis or whether it's going to leave NAFTA. No... Just Greece.

It's 7:30 in the morning and I'm already calling bullshit.

-jM
A&D
 

Jeffsus

TRIBE Member
....things from a perspective outside of the country, was pretty jaw dropping. The country is screwed.

The country's not screwed. What, do you think it's just gonna fall off the planet? Do you not think life as normal is going to continue there?

Oh, there are probably other countries and financial institutions who'd like to see it screwed, but that's not gonna happen.

Souvlaki and Tatziki will continue to be served, Ouzo at lunch; people will still go about their normal day to day activities.

-jM
A&D
 

Bass-Invader

TRIBE Member
You cannot compare Iceland and Greece as if their situations are like for like. Iceland was (and is) energy independent. They can produce sufficient food for themselves without imports. they were in a unique position to give their creditors the finger, and as non-Eurozone members, would have a limited contagion effect in doing so.
 
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