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Greek Gold Scramble $1,700 and ounce

 
aVian
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05/27/2010 07:22 AM
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Greek Gold Scramble $1,700 and ounce
[link to www.zerohedge.com]

snip...more at link...tick tock

Greek Scramble For Physical Brings Gold Price To $1,700 Per Ounce
Submitted by Tyler Durden on 05/26/2010 17:57 -0500

Greece New York Stock Exchange Sovereigns

And there are those who wonder how Sprott's PHYS could have traded at "ludicrous" NAV premium of over 20%. Coinupdate.com reports that prices at which the Greek Central Bank is selling one ounce gold equivalents are as high as $1,700 (40% over spot), and prices on the black markets are even higher. The punchline, as Athens slowly returns to a forced gold standard: " 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." That's good - downtown Manhattan close to the NYSE has some free space for gold vendors to set up shop as well, they just need to push some of the frontrunning/collocation boxes off to the side. And in other rhetorical ruminations, is it safe to say that the last days of the fiat experiment are among us now that people themselves are bypassing the government and enforcing their own gold standard?

More from Coin Update:

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.

The US government and some state governments such as California are in financial straits as bad as or even worse than Greece. How long will it take before American buyers will have to wait in lines to pay outrageous premiums for what are now bullion-priced gold and silver coins? More than one analyst thinks those days will come within a few months or sooner.
"When plunder becomes a way of life for a group of men living together in society, they create for themselves, in the course of time, a legal system that authorizes it and a moral code that glorifies it."
- Frédéric Bastiat

food, water, ammo, weapons, battery back up solar, hand well pump, wood stove and 1 year of food...oh yeah PM's too...good luck
Anonymous Coward
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05/27/2010 07:23 AM
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Re: Greek Gold Scramble $1,700 and ounce
thats just margin on coins above spot. not indication of reality for hte rest of the world but I see where your coming from damned
aVian (OP)

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05/27/2010 07:25 AM
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Re: Greek Gold Scramble $1,700 and ounce
thats just margin on coins above spot. not indication of reality for hte rest of the world but I see where your coming from damned
 Quoting: Anonymous Coward 833852



you mean CRIMEX manipulated spot for paper gold?

people dont want paper...paper is FIAT

if you dont hold it you dont have it

be careful folks

you better hold it
"When plunder becomes a way of life for a group of men living together in society, they create for themselves, in the course of time, a legal system that authorizes it and a moral code that glorifies it."
- Frédéric Bastiat

food, water, ammo, weapons, battery back up solar, hand well pump, wood stove and 1 year of food...oh yeah PM's too...good luck
Anonymous Coward
User ID: 954465
Canada
05/27/2010 07:30 AM
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Re: Greek Gold Scramble $1,700 and ounce
thats just margin on coins above spot. not indication of reality for hte rest of the world but I see where your coming from damned



you mean CRIMEX manipulated spot for paper gold?

people dont want paper...paper is FIAT

if you dont hold it you dont have it

be careful folks

you better hold it
 Quoting: aVian


Agreed - I'll never understand why people would have paper gold.

If I buy a car, I don't want a paper car.
If I buy jewelery, I don't want paper jewelery.

Why paper gold?
Because these criminals want to exploit a commodity and make billions off selling paper gold, and not being able to cash the cheque when it arrives.

Gotta love Gold and Silver though!
Anonymous Coward
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China
05/27/2010 07:43 AM
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Re: Greek Gold Scramble $1,700 and ounce
This is what will force the dirty hands of the big banks shorting the crap out of both gold and silver. The more people take physical delivery, the less credibility they have with their paper games - until there comes a tipping point. At that point - ALL the historic paper shenanigans driving down the price of gold and silver become unglued - and the twin rockets will then launch to prices undreamed of in CNBC-land.

I frankly have been happy to see the big banks playing their games, as it has allowed me to accumulate physical at ridiculously low prices, relative to what they're going to be in a few short months. Wouldn't concern me in the least if they jackhammer them down a few more times. I want to back the truck up each time they do.
Anonymous Coward
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05/27/2010 07:56 AM
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Re: Greek Gold Scramble $1,700 and ounce
thats just margin on coins above spot. not indication of reality for hte rest of the world but I see where your coming from damned



you mean CRIMEX manipulated spot for paper gold?

people dont want paper...paper is FIAT

if you dont hold it you dont have it

be careful folks

you better hold it
 Quoting: aVian


Slight modification... If you don't hold it, you don't own it.
aVian (OP)

User ID: 805698
United States
05/27/2010 08:06 AM
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Re: Greek Gold Scramble $1,700 and ounce
thats just margin on coins above spot. not indication of reality for hte rest of the world but I see where your coming from damned



you mean CRIMEX manipulated spot for paper gold?

people dont want paper...paper is FIAT

if you dont hold it you dont have it

be careful folks

you better hold it


Slight modification... If you don't hold it, you don't own it.
 Quoting: Anonymous Coward 945563


well said

HOLD IT NOW FOLKS scream
"When plunder becomes a way of life for a group of men living together in society, they create for themselves, in the course of time, a legal system that authorizes it and a moral code that glorifies it."
- Frédéric Bastiat

food, water, ammo, weapons, battery back up solar, hand well pump, wood stove and 1 year of food...oh yeah PM's too...good luck
aVian (OP)

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05/27/2010 08:52 AM
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Re: Greek Gold Scramble $1,700 and ounce
bump for the doofus heads
"When plunder becomes a way of life for a group of men living together in society, they create for themselves, in the course of time, a legal system that authorizes it and a moral code that glorifies it."
- Frédéric Bastiat

food, water, ammo, weapons, battery back up solar, hand well pump, wood stove and 1 year of food...oh yeah PM's too...good luck
Anonymous Coward
User ID: 983314
Australia
05/27/2010 09:05 AM
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Re: Greek Gold Scramble $1,700 and ounce
[link to www.zerohedge.com]

The US government and some state governments such as California are in financial straits as bad as or even worse than Greece. How long will it take before American buyers will have to wait in lines to pay outrageous premiums for what are now bullion-priced gold and silver coins? More than one analyst thinks those days will come within a few months or sooner.
 Quoting: aVian


Yar...... I just posted this on another site over at ..... never mind.

Here's some more information regarding how truly the economy is fooked.


[link to resourceinvestor.com]


BTW .... I liked your previous avatar. The finger of atomic doom. Nice.;)
aVian (OP)

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United States
05/27/2010 09:11 AM
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Re: Greek Gold Scramble $1,700 and ounce
[link to www.zerohedge.com]

The US government and some state governments such as California are in financial straits as bad as or even worse than Greece. How long will it take before American buyers will have to wait in lines to pay outrageous premiums for what are now bullion-priced gold and silver coins? More than one analyst thinks those days will come within a few months or sooner.


Yar...... I just posted this on another site over at ..... never mind.

Here's some more information regarding how truly the economy is fooked.


[link to resourceinvestor.com]


BTW .... I liked your previous avatar. The finger of atomic doom. Nice.;)
 Quoting: Anonymous Coward 983314



you trying to hit on me? ohyeah

shit your'e a guy chuckle
"When plunder becomes a way of life for a group of men living together in society, they create for themselves, in the course of time, a legal system that authorizes it and a moral code that glorifies it."
- Frédéric Bastiat

food, water, ammo, weapons, battery back up solar, hand well pump, wood stove and 1 year of food...oh yeah PM's too...good luck
aVian (OP)

User ID: 903212
United States
05/27/2010 09:12 AM
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Re: Greek Gold Scramble $1,700 and ounce
fs is that you?
"When plunder becomes a way of life for a group of men living together in society, they create for themselves, in the course of time, a legal system that authorizes it and a moral code that glorifies it."
- Frédéric Bastiat

food, water, ammo, weapons, battery back up solar, hand well pump, wood stove and 1 year of food...oh yeah PM's too...good luck
Anonymous Coward
User ID: 907535
United States
05/27/2010 09:14 AM
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Re: Greek Gold Scramble $1,700 and ounce
The greeks know that gold is cheaper on Ebay than what they're paying?
ozxoz
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05/27/2010 09:26 AM
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Re: Greek Gold Scramble $1,700 and ounce
fs is that you?
 Quoting: aVian


I'm a guy who likes women who like guys [blokes] and I don't know who the fruit [fs] is.

unless fs means for fook sake. ;]
aVian (OP)

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05/27/2010 09:27 AM
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Re: Greek Gold Scramble $1,700 and ounce
fs is that you?


I'm a guy who likes women who like guys [blokes] and I don't know who the fruit [fs] is.

unless fs means for fook sake. ;]
 Quoting: ozxoz 983314

flaming sword...bud of mine
"When plunder becomes a way of life for a group of men living together in society, they create for themselves, in the course of time, a legal system that authorizes it and a moral code that glorifies it."
- Frédéric Bastiat

food, water, ammo, weapons, battery back up solar, hand well pump, wood stove and 1 year of food...oh yeah PM's too...good luck
Ostria

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Greece
05/27/2010 09:36 AM
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Re: Greek Gold Scramble $1,700 and ounce
well guys I dont know, I cant find this in any greek site. I found an article of yesterday, saying that greeks buy british golden coins -some from the 30's with king George E and some of the 70s with queen Elisabeth II- for 273 euro (it used to be 243 at the beginning of May and 180 euro last July.) In the black market you can pay up to 300 euro for such a coin. The National Bank of Greece has sold up to 50.000 golden coins in 2010, and maybe another 100.000 coins were sold in the black market.

(the article in greek)
[link to www.tanea.gr]
Anonymous Coward
User ID: 983314
Australia
05/27/2010 09:42 AM
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Re: Greek Gold Scramble $1,700 and ounce
fs is that you?


I'm a guy who likes women who like guys [blokes] and I don't know who the fruit [fs] is.

unless fs means for fook sake. ;]

flaming sword...bud of mine
 Quoting: aVian


I posted the finger of doom *Pic* several times on a site that can't be mentioned here and I thought you may have lifted it ...... which is fine by me.... Then you post the very same item I had posted a short time ago. I was fishing .... wondering if you were a former member of a certain forum. Never mind .. carry on and don't worry ... I am certainly not trying to pick you up.

I like chicks.... You might be Avian ...... but you're no chick Right? LOL.
Ho_Lee_Kao

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05/27/2010 10:05 AM
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Re: Greek Gold Scramble $1,700 and ounce
bsflag ONLY someone trying to get you to buy gold would say something so fucking stupid!!!
Anonymous Coward
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05/27/2010 10:06 AM
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Re: Greek Gold Scramble $1,700 and ounce
and?
Eject

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05/27/2010 10:31 AM
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Re: Greek Gold Scramble $1,700 and ounce
Paper gold is just that, a promise that you will get physical delivery if you request it. It's no different then your everyday FIA.
ET's - Hollywood and the Media

[link to ufoblog.aspnic.com]
Anonymous Coward
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05/27/2010 10:41 AM
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Re: Greek Gold Scramble $1,700 and ounce
thats just margin on coins above spot. not indication of reality for hte rest of the world but I see where your coming from damned
 Quoting: Anonymous Coward 833852



Yes , these coins are just numismatic stuff , expensive as hell !
Next please !!
Anonymous Coward
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05/27/2010 11:36 AM
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Re: Greek Gold Scramble $1,700 and ounce
If the banks are paying $409 per coin, that means these are not full oz coins. As usual, paying more for smaller unit of gold, thus getting more for the going price of oz. Again, as usual.
Punk A$$ets

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05/27/2010 11:42 AM

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Re: Greek Gold Scramble $1,700 and ounce
The greeks know that gold is cheaper on Ebay than what they're paying?
 Quoting: Anonymous Coward 907535

I wont ship to Greece. Too much postal theft.
Gold Prices:

12/31/2000 - $273
12/31/2005 – $516
12/31/2010 - $1,421
12/31/2011 - $1,566
12/31/2012 - $1,676
12/31/2013 - $1,204

Looking for $900/$1100 for gold to bottom. $14-$16 for silver.
2010

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05/27/2010 11:42 AM
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Re: Greek Gold Scramble $1,700 and ounce
i love zerohedge!
Anonymous Coward
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05/27/2010 11:43 AM
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Re: Greek Gold Scramble $1,700 and ounce
The price for gold at the Greece bank would seem like supply and demand but really is just price gouging.
Anonymous Coward
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05/27/2010 11:44 AM
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Re: Greek Gold Scramble $1,700 and ounce
The greeks know that gold is cheaper on Ebay than what they're paying?

I wont ship to Greece. Too much postal theft.
 Quoting: Punk A$$ets


Who is at most risk, the buyer or the seller?
Anonymous Coward
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05/27/2010 12:19 PM
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Re: Greek Gold Scramble $1,700 and ounce
bump for the doofus heads
 Quoting: aVian



I am a doofus head, and like many doofus heads I am late to this thread.

thanks for holding the door for me, the train may now leave the station!
Punk A$$ets

User ID: 956533
United States
05/27/2010 12:24 PM

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Re: Greek Gold Scramble $1,700 and ounce
The greeks know that gold is cheaper on Ebay than what they're paying?

I wont ship to Greece. Too much postal theft.


Who is at most risk, the buyer or the seller?
 Quoting: Anonymous Coward 983400

Good question. I dont know the answer but it hurts my reputation and well as my pocketbook. I give peoples money back when something is lost but i have now eliminated all that risk.
Gold Prices:

12/31/2000 - $273
12/31/2005 – $516
12/31/2010 - $1,421
12/31/2011 - $1,566
12/31/2012 - $1,676
12/31/2013 - $1,204

Looking for $900/$1100 for gold to bottom. $14-$16 for silver.
bed
Netizen Ribbonmind

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United States
05/27/2010 12:29 PM

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Re: Greek Gold Scramble $1,700 and ounce
well guys I dont know, I cant find this in any greek site. I found an article of yesterday, saying that greeks buy british golden coins -some from the 30's with king George E and some of the 70s with queen Elisabeth II- for 273 euro (it used to be 243 at the beginning of May and 180 euro last July.) In the black market you can pay up to 300 euro for such a coin. The National Bank of Greece has sold up to 50.000 golden coins in 2010, and maybe another 100.000 coins were sold in the black market.

(the article in greek)
[link to www.tanea.gr]
 Quoting: Ostria

drags out old greek coins. YIPEE!!!
"The earth is mother of us all, for she is just; but you, because you are unjust have pretended that she is your mother alone; and if you do not stop, I will not permit you to remain upon her."

[link to www.livius.org]
Ann unAkI
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05/27/2010 12:30 PM
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Re: Greek Gold Scramble $1,700 and ounce
Got gold biatches ?

i'll be taking that out of your cold dead hands mofo's !
Anonymous Coward
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05/27/2010 12:32 PM
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Re: Greek Gold Scramble $1,700 and ounce
Agnico Eagle owns nearly 9% and has a VP on their board of directors
Sprott Asset Management owns nearly 15%

This land package/mining district took about 8 years to put together
back in the 90's went public couple years ago... Market cap 10 million
thereabouts. Still an immense amount of drilling ongoing and slated
for down the road... complete resource estimates pending, stock hasn't
run yet and is down a bit month over month

Follow the smart money:

[link to www.goldengoliath.com]
Anonymous Coward
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05/27/2010 12:32 PM
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Re: Greek Gold Scramble $1,700 and ounce
bump for the doofus heads
 Quoting: aVian

avian, I am sure you remember us butting heads on this several months ago and we ended up calling a truce, but heres the thing-why don't you try running this bs over at tf? cause you'd get shredded, thats why. I am glad you're prepped, and i don't feel like starting another war of words with you, but gold does nothing in what you're prepping for. your dear friend, ac856

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