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.
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.
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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