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Ardent Listener
Administrator
USA
4841 Posts |
 Posted - 05/27/2010 : 10:17:43
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Greeks buying gold at $1700 an ounce
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Submitted by Tyler Durden on 05/26/2010 17:57 -0500
And there are those who wonder how Sprott's PHYS could have traded at "ludicrous" NAV premium of over 20%. Coinupdate.com reports that prices at which the Greek Central Bank is selling one ounce gold equivalents are as high as $1,700 (40% over spot), and prices on the black markets are even higher. The punchline, as Athens slowly returns to a forced gold standard: " A popular spot for street vendors to sell their coins is near the Athens Stock Exchange. There the traders wait for citizens to bring payments received from unloading their paper assets like stocks and bonds." That's good - downtown Manhattan close to the NYSE has some free space for gold vendors to set up shop as well, they just need to push some of the frontrunning/collocation boxes off to the side. And in other rhetorical ruminations, is it safe to say that the last days of the fiat experiment are among us now that people themselves are bypassing the government and enforcing their own gold standard?
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Think positive. |
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theo
Penny Hoarding Member
USA
588 Posts |
Posted - 05/27/2010 : 11:09:32
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quote:
Originally posted by Ardent Listener
Greeks buying gold at $1700 an ounce
You must be logged in to see this link.
Submitted by Tyler Durden on 05/26/2010 17:57 -0500
And there are those who wonder how Sprott's PHYS could have traded at "ludicrous" NAV premium of over 20%. Coinupdate.com reports that prices at which the Greek Central Bank is selling one ounce gold equivalents are as high as $1,700 (40% over spot), and prices on the black markets are even higher. The punchline, as Athens slowly returns to a forced gold standard: " A popular spot for street vendors to sell their coins is near the Athens Stock Exchange. There the traders wait for citizens to bring payments received from unloading their paper assets like stocks and bonds." That's good - downtown Manhattan close to the NYSE has some free space for gold vendors to set up shop as well, they just need to push some of the frontrunning/collocation boxes off to the side. And in other rhetorical ruminations, is it safe to say that the last days of the fiat experiment are among us now that people themselves are bypassing the government and enforcing their own gold standard?
Black market? Is it illegal to privately buy/sell gold in Europe? Do you have register the sale with the Government? Or is Durden just throwing that in for effect? |
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beauanderos
1000+ Penny Miser Member
USA
2408 Posts |
Posted - 05/27/2010 : 12:20:35
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What he may be referring to as a "black market" is street sales, which would be one way of avoiding the 10% VAT (value added tax) which would apply otherwise. So, for the sake of secrecy in dealings, some of these Greeks seem willing to pay exZORBAtant rates of, in effect, a 30% premium  |
Hoard now and hold on!
http://coppermillions.blogspot.com/
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AGCoinHunter
Penny Hoarding Member
USA
685 Posts |
Posted - 05/27/2010 : 12:32:05
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| Where is the value in value added tax other than the in the governments pocket? |
"All tyranny needs to gain a foothold is for people of good conscience to remain silent."
-Thomas Jefferson
"There is no difference between communism and socialism, except in the means of achieving the same ultimate end: communism proposes to enslave men by force, socialism—by vote. It is merely the difference between murder and suicide." - Ayn Rand
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cptindy
Penny Hoarding Member
572 Posts |
Posted - 05/27/2010 : 13:06:57
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The so called Black Market...
Gold as I am becoming aware has a behind the curtain value between governments and big fish. Someone here has linked me to a site friend of a friend of another that goes into detail as to the future of gold and how it will be brought out at a more relevant higher value. A value that would absorb these huge deficits when put into effect. A massive reset switch so to say that rights the wrongs and globalizes a new reserve currency backed by gold.
Just as most commodities are manipulated and controlled gold can be set at any value those that make the rules choose. By having this dynamic position of equating value it is simply a matter of execution. When, where and how?
These writings as well as Martin Armstrongs theories lead me to believe more so we a just cogs on the wheel of a system that does not float freely. When the new price reflection does take place new taxes will also be introduced for those trading in PM's. This way the big fish get a taste of the new premiums.
This is why I believe we will see $20,000 Gold and maybe higher as well as $1,000 Silver. It will be to the benefit of those that just "print" and spend. |
"It is the nature of the human species to reject what is true but unpleasant and to embrace what is obviously false but comforting"
" The average man doesn't want to be free. He wants to be safe."
H.L. Mencken
http://silver-news-today.com/ |
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theo
Penny Hoarding Member
USA
588 Posts |
Posted - 05/27/2010 : 15:35:34
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quote:
Originally posted by beauanderos
What he may be referring to as a "black market" is street sales, which would be one way of avoiding the 10% VAT (value added tax) which would apply otherwise. So, for the sake of secrecy in dealings, some of these Greeks seem willing to pay exZORBAtant rates of, in effect, a 30% premium
Good Explanation. I forgot about the VAT.
"exZORBAtant rates". Excellent!  |
Edited by - theo on 05/27/2010 15:36:34 |
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fb101
Administrator
USA
2856 Posts |
Posted - 05/27/2010 : 21:21:01
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exZORBAtant
very punny. |
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Greek $1700 Gold
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