Gold News from Morgan Gold

By James O'Dell

Los Angeles, CA. – Morgan Gold - Gold and Silver bullion prices are higher on Monday, with Gold at $1,734.80 an ounce and Silver at $33.58 an ounce, while U.S. markets are closed for President's Day and all eyes remain on Greece and the summit in Brussels. “I am of the opinion that today we have to deliver, because we don’t have any more time,” Jean-Claude Juncker, the Prime Minister of Luxembourg and Euro-Group leader of finance ministers, said upon his arrival in Brussels.

Finance chiefs still have several sticking points to resolve before approval can be given, but investors are optimistic for a positive outcome. “We still have a bit of work to do,” German Finance Minister Schaeuble told reporters as he arrived for the meeting. “We’ve set out to wrap up the decision on a new aid program for Greece. I’m confident,” said Shaeuble. With a 14.5 billion euro debt payment due in exactly one month, Greece has run out of time and needs the 130 billion euro ($172 billion) bailout, to stave off bankruptcy and possible expulsion from the eurozone.

 “It is the intention of nobody to have Greece outside the euro area,” said Juncker. Greek Finance Minister Venizelos said he expects the bailout to be approved later on Monday, bringing “a long period of uncertainty to a close ...a period that benefitted neither the Greek economy nor the euro area overall.” There are still some economists that believe Greece will continue to struggle, even with assistance.  Greece will continue in its struggle to keep its debt load at a sustainable level, said Michala Marcussen, head of global economics at Societe Generale. 

The troika of lenders, the European Union (EU), the International Monetary Fund (IMF) and the European Central Bank (ECB) want Greece to reduce its debt load to 120 percent of GDP by 2020, but according to a recent report in WSJ, the IMF expects Greece’s debt load to drop no lower than 129 percent of GDP by 2020. “Indeed, given Greece’s track record to date, there is a non-negligible risk that within just a few quarters, the troika will find that Greece is once again falling behind in delivering on its targets,” said Marcussen. Don't leave your assets unprotected during these times of economic and geopolitical uncertainty, invest in physical Gold and Silver bullion and protect your wealth in 2012.

Widely recognized Gold and Silver bullion coins and bars can be bought and sold quite readily at Morgan Gold and they can be easily stored in a safe-deposit box if needed. Did you know you can add physical Gold to your IRA?  Hear Edmund C. Moy, former director of the U.S. Mint, now representing Morgan Gold, speak on Gold and your retirement. Call 1.800.585.1773 and let our team at Morgan Gold help you diversify your portfolio today. Ask about our new Self Directed IRA. 

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