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Proposed Cypriot Bank Deposit Theft Good News for Gold
Posted By yihan On March 18, 2013 @ 12:01 pm In Money Watch,Tile | Comments Disabled
March 18, 2013
The IMF’s proposed theft of Cypriot private property to fund a bankster bailout of the Mediterranean island nation has predictably sent financial markets into a tailspin.
Good news for physically holding gold: Bank deposit guarantees are “meaningless words.”
On Monday, the stock market plummeted, ending its longest winning streak since 1996. After a 109-point fall on Monday, the Dow Jones Industrial Average declined 70.35 points. The S&P 500 and the Nasdaq Composite also fell.
“For every share rising more than four fell on the New York Stock Exchange, where 81 million shares traded as of 9:45 a.m. Eastern,” MarketWatch  reports today.
Commodities in crude oil, wheat and rubber declined on the Cypriot news. In response, investors once again ran to the dependable safe haven of gold.
“As people start to worry about the safety of their deposits, gold would become an attractive alternative and an escalation of these worries would prompt a return of fear-related physical buying,” notes Joni Teves , precious metals analyst at UBS. “With gold’s correlation with risk and the euro currently in negative territory, the yellow metal looks well positioned to rally on the back of recent eurozone developments.”
Germany’s Commerzbank  believes gold “should profit from the possibility that savings are no longer regarded as safe, and should thus enjoy strong demand in the current market environment. We therefore expect to see prices continuing to rise.”
Spot gold hit a new high at $1,609.41 an ounce. Gold futures for April delivery also hit a 2-1/2 week high at $1,608.60 an ounce.
Silver prices  also realized a moderate increase of 0.5 percent to $28.90 an ounce.
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URL to article: http://www.prisonplanet.com/proposed-cypriot-bank-deposit-theft-good-news-for-gold.html
URLs in this post:
 MarketWatch: http://www.marketwatch.com/story/us-stocks-slide-on-cyprus-deposit-tax-2013-03-18?link=MW_pulse
 Joni Teves: http://www.forbes.com/sites/kitconews/2013/03/18/focus-gold-rises-on-cyprus-bailout-news/
 Commerzbank: http://www.marketwatch.com/story/gold-rises-as-cyprus-deposit-tax-spooks-markets-2013-03-18?link=MW_latest_news
 Silver prices: http://www.thehindu.com/business/markets/gold-silver-up-on-firm-global-cues/article4521955.ece
 Image: http://www.midasresources.com/store/store.php
 Gold Set to Break $1,800 Barrier On Endless QE Inflation Fears: http://www.prisonplanet.com/gold-set-to-break-1800-barrier-on-endless-qe-inflation-fears.html
 Fiscal Cliff Worries Drive Gold to $1,731: http://www.prisonplanet.com/fiscal-cliff-worries-drive-gold-to-1731.html
 Visualizing The Cypriot Deposit Confiscation: http://www.prisonplanet.com/visualizing-the-cypriot-deposit-confiscation.html
 Gold has longest losing streak since October: http://www.prisonplanet.com/gold-has-longest-losing-streak-since-october.html
 Gordon Brown Sold Britain’s Gold at Artificially Low Prices to Bail Out a Large American Bank: http://www.prisonplanet.com/gordon-brown-sold-britain%e2%80%99s-gold-at-artificially-low-prices-to-bail-out-a-large-american-bank.html
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