Originally posted by projectvxn
ZH has made similar predictions that have gone nowhere quite a few times before.
Wait and see.
On a point of agreement, if you are with any of the banks mentioned, get out now.
Originally posted by ThatGuy45
IF crap was really about to hit the fan and fling around and make a mess (ha!), then a good indication/foretelling may be a spike in the price of precious metals.....
...Just a thought to help calm those in need of calming...
Gold has surged by nearly $200 an ounce following the latest bout of eurozone woes, with some investors predicting a "super-spike" that will take the precious metal through the $2,000 barrier for the first time as worries about Italian and Greek debt intensify.
On Monday the price of gold leapt by $33 to $1,782 an ounce, and in early trading on Tuesday it jumped again to $1,794. Traders said the escalating crisis in Italy comes at time when festivals such as Diwali in India and Eid in the Middle East, plus Christmas in the west, push up physical demand for jewellery.
"Uncertainty in Greece and Italy has sent investors running back into gold," said Ross Norman of dealers Sharps Pixley, "while at the same time physical demand is robust. Autumn is the big season for gold buying, with Eid, Diwali, Christmas then Chinese new year."
The gold price peaked on 6 September at $1,920, but then suffered its worst month in three years, crashing to $1,600 in early October. But with the unfolding crisis in Greece and Italy, safe-haven interest has sent the price spiralling back up.
New "exchange traded funds", which allow small investors to speculate on real gold in units as little as $1, are behind a surge in physical gold buying that has pushed London's private vaults to their limits. "HSBC's vault has got something like 2,500 tonnes, much of it a result of ETF buying," Norman says. "There's quite a few new vaults now being built as well. HSBC's is somewhere in east London. I can't tell you where, but when you look at it, you think 'What? In that building?'"http://www.guardian.co.uk/business/blog/2011/nov/08/gold-eurozone-price-greece-etf?newsfeed=true