There is no reason for gold to get any love now because this is a political crisis, not a currency crisis that's the consensus at least. The primary reason people buy the "barbarous relic" that is gold is fear of a global currency crisis.
In Greece, citizens and investors are not concerned about having a currency to use; the only unknown is which currency they will adopt or create. Currently, the Greek citizens have a currency, the euro, but using it is next to impossible with the banks closed.
Nonetheless, the restricted use of euros is far superior than gold. Just imagine walking into a Greek merchant with a bar of gold and trying to purchase something! Seri...
Bitcoin has been boosted by small European investors during the turmoil over Greece, as dealers of digital currencies position them as a possible haven alternative to traditional ones like gold.
The price of digital currency bitcoin has risen 7 per cent since Friday to its highest level since March at $260, while gold is flat.
Thanos Marinos, the founder of Greek bitcoin exchange BTCGreece, said he has seen the number of newly registered customers in the country increase by 600 per cent in the past few weeks. In the last seven days more than 150 clients have registered every day, he said.
“That has to do with the fact we’re the only exchange available at the moment f...
Iranian officials have announced that the Islamic Republic’s Central Bank has successfully repatriated 13 tons of gold as part of a package of sanctions relief provided to Iran by U.S. and Western powers.
The gold was transferred to Iran by the government of South Africa, which had been holding onto the assets due to harsh sanctions meant to pressure Tehran to rein in its rogue nuclear program.
The gold appears to have been released as part of a sanctions relief package that will have awarded Iran nearly $12 billion in unfrozen cash assets by the time negotiations wrap up next week.
Iran received $4.2 billion in unfrozen assets under the 2013 interim agreement wi...
Agadez, Niger: At least 100 men sleep on mats at the bus station in Agadez. They are gold panners, heading for the far north of Niger or returning as gold fever sweeps the country.
Some say a banal incident triggered the rush. “Some people got their car bogged down in sand in the desert. When they cleared it, they found a few nuggets. That was in 2013, near Djado,” says Al Haj Mohammad Sale, a former guide who knows the Sahara well.
“The place was a gully where the wind had swept sand away. So there was only gold,” he adds. “They made three round trips. Once they returned for the third time, everything took off.”
Whether truthful or ...
Silver is one of the most underappreciated commodities around. Back in 2011, an ounce of gold was worth 32 ounces of silver. Today, that same ounce of gold translates to 74 ounces of the grey metal. Does that mean gold has gotten more valuable or that silver has gotten cheaper?
Since its peak a few years ago, silver prices have dropped nearly 70%. Gold priceshave also fallen by an astonishing 35% during the same period, which convinces me that investors got overly pessimistic about silver during the pullback.
So, what should the true price of silver be?
In order to properly value silver, we need the silver-to-gold ratio. Historically...
Millions of silver coins may have been stored in the attic of the Parthenon is now destroyed and the coins would have been spent in ancient times. The researchers made the discovery by reconstructing the size of the attic, analyzing ancient records to extrapolate how large the reserves may have been and re-examining archaeological work carried out decades ago.
Their evidence suggests that millions of coins made up the cash reserves of the city-state of Athens and much of this hoard was stored in the attic of the Parthenon. During the fifth century B.C., when the Parthenon was built, Athens was a wealthy city-state whose people erected fantastic buildings and fought a s...
Could gold, the world's longest running currency be used to create a new order in global currencies? The Chinese central bank is said to be considering backing its yaun with the yellow metal.
This move, says Ken Hoffman, global head of metals and mining research for Bloomberg Intelligence, would be a "game changer."
Why would China consider such a move? Hoffman explains that Chinese policy makers are already trying to establish the yuan as a reserve currency, and backing it with gold would help attract foreign capital.
China is expected to receive approval from its central bank for a yuan-denominated gold fix, with a potential for an announcement as early as next...