The Greek contagion continues to weigh on the euro, giving strength to the dollar which knocks the legs out from under commodity prices. Besides gold and silver, copper, platinum, palladium, and crude oil are all lower.
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The run on European banks continues only it’s not just Greek bank customers withdrawing euros, but also customers of Bankia SA in Spain who have pulled out over a billion euros in just under a week.
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The dollar continues to gain ground after tumultuous elections in France and Greece that brought the era of paying the banks before paying for social services to a screeching halt.
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The situation in Europe is again spurring gold demand as investors are faced with more uncertainty surrounding sovereign debt load and the ability of some of the region’s largest economies to pay their bills.
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The former Louisiana Congressman will have to report to prison on May 4 to serve a 13 year sentence. It is the longest sentence ever issued for a congressman in a corruption case.
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