Saturday, September 24, 2011
G20 sources: all efforts behind the scenes (by G20 members) are now going into recapitalising banks, preparing economies for default.Zerohedge posted this. Here's the LINK
So it sounds like Greece will be allowed to default and the bigger news regarding gold/silver is that the ECB is prepared to print plenty of money of keep the banking system from collapsing. Sort of like what happened here in 2008. That's why the LBMA raised margins on OTC gold forwards by substantial margin. They wanted to "flush" the market ahead of this. Ultimately this is uber-bullish for the metals. Don't let them shake you out of your positions. An even better move would be to man-up and buy even more Monday and save room to add more if they take it lower.
I was actually told by a friend that some big news that would explain the metals hit would surface either this weekend or Monday/Tuesday. He wouldn't give me details over the phone. His remark on last week's action: "who cares where they take the metals on the downside, six months from now they could be double where they are now....
Source
