While many Eurozone leaders are fighting to prevent a Europe-wide financial collapse, gold has been finding climbing its way back up to higher values. Many are looking back to gold as a safe haven during these trying times.
Author: Sumit Roy
Posted: Wednesday , 13 Jul 2011
MINEWEB
As Eurozone finance ministers and central bankers are seeing themselves as having to fight a rearguard action to try and prevent Europe-wide financial collapse gold is beginning to make a move.
NEW YORK (Hard Assets Investor) -
As Italian and Spanish yield spreads surged to new euro-era records before backing down, gold stands to benefit from unresolved crisis.
Just when we thought Europe's sovereign debt worries were behind us, they resurfaced with a vengeance. However, over the past several days, Europe's woes have intensified, with contagion now spreading to core European Union members, Italy and Spain-the third and fourth largest members of the Eurozone- respectively. Up until recently, yield spreads on the two countries have remained fairly stable, but now we are seeing some signs of panic. Both Italian and Spanish yield spreads are now at euro-era records (discussed in more detail later).
Clearly, sovereign debt concerns are not going away anytime soon.......
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