Gold is up five dollars this morning to $1236 an ounce as the world (and the U.S. dollar) await a meeting of international finance officials who are gathering to determine the future of Greece and their role in the European financial alliance. If a compromise cannot be reached to bail out a troubled Greek economy burdened with suffocating debt, the resulting uncertainty would most likely give a bounce to gold and silver prices due to their roles as safe haven investments.
The U.S. dollar is weighing the Greek uncertainty risk as well, and it remained flat versus the euro in advance of Greek Finance Minsiter Yanis Varoufakis’ first scheduled meeting with European finance officials. Varoufakis is scheduled to lay out his plans of ending the Greek austerity program and getting the country out of its massive international debt crisis.
Varoufakis is expected to lobby the European finance ministers today for a longer bridge loan that would allow the Greeks to cover their funding and expenditure needs until the beginning of September 2015. This critical meeting will be followed by yet another meeting of European Union finance officials tomorrow. They will be weighing the comments of Minister Varoufakis to determine the fate of the Greek economy.
Investors and collectors who buy gold coins and bullion will be monitoring this situation closely, and looking for clues as to how the results of the Greek austerity meetings will effect the precious metals complex.
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