|

Greek citizens withdrawing savings and buying gold

As we note in our piece about India’s surging gold imports that gold demand is a real global phenomenon, we get news that Greeks are withdrawing their savings to buy gold.

There is a growing fear in Greece that the economic path the country is on is simple unsustainable and that a default is only a matter of time. This has let to many in Greece to close their savings accounts and buy gold in an attempt to pre-empt any possible bank runs.

Harry Krinakis, a Greek precious metals trader noted:

When the global financial crisis started, our sales of coins to investors overtook bullion for the first time…Now the sales ratio has reached five to one.

For the first three months of this year up to €2bn has been withdrawn from Greek banks. This is on top of €30bn being taken out of accounts last year. That represents over 12% of all the savings in Greece.

As well as moving into gold Greeks are moving their money out of the country. A popular destination had been Cyprus until fears about the spill over effect of a Greek default there. And for those with more money Switzerland is also a popular choice.

Even though the Greek PM George Papandreou won his confidence vote this week there is still the small matter of the parliamentary vote on tough austerity measures to be pushed through next Tuesday. Read a full time-table for all things Greek here.

It is becoming clear that the public are becoming more and more aware of the option to buy gold to protect their wealth all around the world. And with uncertainly around European debt and US solvency likely to become more pronounced in the coming months look for this trend of citizens buying gold to continue.

Link to this article: : http://www.goldmadesimplenews.com/gold/greek-citizens-withdrawing-savings-and-buying-gold-4344/

Posted by on Jun 23 2011. Filed under Analysis, Gold News. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

56 Comments for “Greek citizens withdrawing savings and buying gold”

  1. Awesome Website……

    […]Every once in a while we choose blogs that we read. Listed here is the latest site[…]……

  2. … [Trackback]…

    […] Read More here: goldmadesimplenews.com/gold/greek-citizens-withdrawing-savings-and-buying-gold-4344/ […]…

  3. … [Trackback]…

    […] Read More here: goldmadesimplenews.com/gold/greek-citizens-withdrawing-savings-and-buying-gold-4344/ […]…

  4. Alex Flake You can increase Facebook Fans by arranging Contests,like-gated Coupons/ebooks,Facebook Sponsored ads or adding a “Like” button or box to your blog. These ways are good but take much time to increase fan count.If you want Facebook fans fas…

    You can increase Facebook Fans by arranging Contests,like-gated Coupons/ebooks,Facebook Sponsored ads or adding a “Like” button or box to your blog. These ways are good but take much time to increase fan count.If you want Facebook fans fast, you should…

  5. Superb Website…

    […]please visit the sites we follow, including this one, as it represents our picks from the web[…]……

  6. …[Trackback]…

    […] What host are you the use of? Can I am getting your associate link for your host? I desire my website loaded up as fast as yours lol[…]…

  7. …A Friend recommended your blog…

    […]I am not positive the place you’re getting your information, but great topic.[…]…

  8. Trackback…

    […] What web host are you the usage of? Can I get affiliate hyperlink to your host? I wish web site loaded up as quickly as yours lol[…]…

  9. …Click here for or more Information…

    […]you made running a blog glance[…]…

  10. …[Trackback]……

    […] What host are you the use of? Can I am getting your associate link on your host? I desire my website loaded up as fast as yours lol[…]…

  11. …Recent Blogroll Additions…

    […]you make blogging glance[…]…

  12. …Awesome website…

    […]you made running a blog glance[…]…

  13. …Recommended websites…

    […]you made running a blog glance[…]…

  14. Message……

    […]you made running a blog glance[…]…

  15. …Links…

    […] What host are you the use of? Can I am getting your associate link on your host? I desire my website loaded up as fast as yours lol[…]…

  16. Comment……

    […]you make blogging glance[…]…

  17. …Awesome website…

    […]Wow, amazing blog layout! How long have you been blogging for?[…]…

  18. Look here for more:…

    […]Wow, incredible weblog format! How lengthy have you ever been running a blog for?[…]…

  19. Link……

    […]you make blogging glance[…]…

  20. …[Trackback]…

    […]you made running a blog glance[…]…

  21. Trackback…

    […]Excellent weblog right here! Additionally your site quite a bit up very fast![…]…

  22. …Websites you should visit…

    […]I am now not sure where you are getting your info, however good topic.[…]…

  23. …Trackback: More Informations on that topic…

    […] What host are you the use of? Can I am getting your associate link for your host? I desire my website loaded up as fast as yours lol[…]…

  24. …[Trackback]……

    […]The overall look of your website is excellent, let neatly as the content material![…]…

  25. Find more there:…

    […]you make blogging glance[…]…

  26. …Links…

    […]you made running a blog glance[…]…

  27. …[Trackback]…

    […]The full look of your web site is magnificent, let well as the content material![…]…

  28. …Take a look for more Information on that topic…

    […]you made running a blog glance[…]…

  29. …Click here for or more Information…

    […]I am now not sure where you are getting your info, however good topic.[…]…

  30. Trackback……

    […]I am not positive where you are getting your info, however good topic.[…]…

  31. …Check this out…

    […]Wow, amazing blog layout! How long have you been blogging for?[…]…

  32. …Check this out…

    […]you make blogging glance[…]…

  33. …Trackback: More Informations on that topic…

    […]The entire glance of your web site is wonderful, let well as the content![…]…

  34. …Visitor recommendations…

    […]Great weblog right here! Additionally your website loads up very fast![…]…

  35. …Trackback: More Informations on that topic…

    […]I am no longer certain the place you’re getting your information, but great topic.[…]…

  36. Link……

    […]The entire glance of your web site is wonderful, let well as the content![…]…

  37. …Links…

    […]I am not positive where you are getting your info, however good topic.[…]…

  38. Link……

    […]Excellent blog here! Also your site so much up fast![…]…

  39. …Links…

    […]Wow, fantastic weblog structure! How lengthy have you ever been running a blog for?[…]…

  40. …[Trackback]……

    […] What host are you the use of? Can I am getting your associate link on your host? I desire my website loaded up as fast as yours lol[…]…

  41. Trackback…

    […]I am no longer certain the place you’re getting your information, but great topic.[…]…

  42. Message……

    […]Nice blog here! Also your website a lot up fast![…]…

  43. …Take a look for more Information on that topic…

    […]Wow, fantastic weblog structure! How lengthy have you ever been running a blog for?[…]…

  44. …Trackback: More Informations on that topic…

    […]you made running a blog glance[…]…

  45. Trackback……

    […] What host are you the use of? Can I am getting your associate link for your host? I desire my website loaded up as fast as yours lol[…]…

  46. …Links…

    […] What web host are you the usage of? Can I get affiliate hyperlink to your host? I wish web site loaded up as quickly as yours lol[…]…

  47. …[Trackback]…

    […]The entire glance of your site is wonderful, let smartly as the content![…]…

  48. …For further Information click here…

    […] What web host are you using? Can I get affiliate hyperlink in your host? I want site loaded up as quickly as yours lol[…]…

  49. Look here for more:…

    […]Wow, marvelous weblog format! How lengthy have you ever been running a blog for?[…]…

  50. …Take a look for more Information on that topic…

    […]you make blogging glance[…]…

  51. …Websites you should visit…

    […]Nice blog here! Also your website lots up fast![…]…

  52. loanemu Thank you for your blog article.Thanks Again. Really Cool.

    I loved your blog.Really looking forward to read more. Awesome.

  53. mortgagecrow Very informative article.Much thanks again. Really Cool.

    Very informative article.Much thanks again. Really Cool.

  54. …Check this out

    […]Excellent weblog right here! Additionally your site quite a bit up very fast![…]

  55. …Links

    […]you made running a blog glance[…]

Leave a Reply

Gold Investor Report banner