The Italian people must understand that their country is at war

Gold coin and bar demand up 10% in Europe, led by Germany


“The conflict between the European Union and Italy is a full-blown financial war. Euro countries cannot print their own money and for that reason they cannot have an endless deficit. Countries within the eurozone have to live within their means or else, without the intervention of the ECB, they will go bankrupt. Nobody knows the consequences of an Italian default and debt restructuring, but it can lead to the end of the euro.”

USAGOLD note:  Hyperbole or reality check?  We offer the link as an overview of where the disagreement between Italy and the European Union might be headed. The World Gold Council reports a 10% increase in Europe’s gold coin and bar demand over the third quarter last year with investors in Germany leading the way.  If resolution remains elusive, it could result in even more demand for gold in Europe than the already strong numbers. We are reminded of Doug Noland’s (Credit Bulletin) recent observation that the debt and currency problems of “the periphery” have reached “the periphery of the core.”

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