News broke over the weekend that Greece was offered a 45 billion euro’s ($61m) bailout package in order to prevent the country defaulting on its extensive debts.
The 16 euro-zone countries decided on a rescue package to help Greece. 15 billion euro’s is to come from the International Monetary Fund with the remaining to be lent by the euro-zone nations at 5% interest to be paid back within the year.
As a result of the proposed package, the euro gained in strength against the dollar which in turn pushed the price of gold up. With renewed optimism over debt-ridden Greece, on the back of a weaker dollar, it could work to gold’s advantage. Analysts suggest that now is a good time to buy gold while the dollar takes a dip.
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