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Gold Selling At 40% Markup In Greece

28 May 2010 256 views No CommentEmail This Post Email This Post

great britain gold sovereign (0.234 ounces)According to Coin Update News:

The fear running through the Greek populace is that the nation’s government may default on some of its debts.

Since 1965, the Greek government has imposed restrictions on trading British Sovereign gold coins (gold content .2354 oz). Despite those restrictions, the Bank of Greece reports that it is selling an average of more than 700 coins per day to worried Greeks.

In the first four months of 2010, the Greek central bank sold more than 50,000 sovereigns at its main downtown Athens office. Bank officials estimate that at least 100,000 other coins changed hands on the black market. The Bank of Greece has received as much as $409 per coin, which works out to a price of more than $1,700 per ounce of gold! Prices paid on the black market are reckoned to be even higher. A popular spot for street vendors to sell their coins is near the Athens Stock Exchange. There the traders wait for citizens to bring payments received from unloading their paper assets like stocks and bonds.

With the state of California is a worse position than Greece, how much time will it be before we have a similar run on our currency? OK, that’s an exaggeration – that day will probably never come. But it does prove that gold and silver are great hedges against monetary and fiscal irresponsibility. In the meantime, if you can get your hands on 10 ounces of gold and a ticket to greece, you can make a cool $5,000 profit at current gold prices!

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