As Greek edges closer to default investors turn to Gold and Bitcoin
Gold is not the only method of wealth storage favoured by those worried about a potential Grexit, bitcoin was up as much as 7% yesterday. It has seen a spike in demand as investors look to hold their wealth outside that of the banking system. Travellers to Greece are also being warned to take enough physical cash to last the entire journey of their trip given the real possibility that restrictions or a complete freeze is put on withdrawals from Greek banks and ATMs. It is unclear should Greece exit the Euro what currency they would then use, given this it is understandable Greeks would want to be holding something outside the banking system, with both gold and bitcoin being favoured. The Greek situation seems to be worsening with the Greek government not sounding like it is ready to make any more compromises, the Greek PM Tsipras said that the IFM “bears criminal responsibility” for the situation Greece finds itself in.
Today I am expecting a relatively quiet day for gold as investors adopt a wait-and-see attitude ahead of the FOMC meeting tomorrow. In early European trade gold is trading at US$1,179.20/oz, down US$2.30 since the New York close, while silver is lower by 6 cents to US$15.96/oz.
For more information visit Bullion Index .
Gold is not the only method of wealth storage favoured by those worried about a potential Grexit, bitcoin was up as much as 7% yesterday. It has seen a spike in demand as investors look to hold their wealth outside that of the banking system. Travellers to Greece are also being warned to take enough physical cash to last the entire journey of their trip given the real possibility that restrictions or a complete freeze is put on withdrawals from Greek banks and ATMs. It is unclear should Greece exit the Euro what currency they would then use, given this it is understandable Greeks would want to be holding something outside the banking system, with both gold and bitcoin being favoured. The Greek situation seems to be worsening with the Greek government not sounding like it is ready to make any more compromises, the Greek PM Tsipras said that the IFM “bears criminal responsibility” for the situation Greece finds itself in.
Today I am expecting a relatively quiet day for gold as investors adopt a wait-and-see attitude ahead of the FOMC meeting tomorrow. In early European trade gold is trading at US$1,179.20/oz, down US$2.30 since the New York close, while silver is lower by 6 cents to US$15.96/oz.
For more information visit Bullion Index .