$1700 Gold! In Greece, Anyway

Friday, May 28, 2010 , , 0 Comments

 Formerly Cash 4 Gold: Athens

Yo, those aren't ETFs they're talking about either.

Coin Update News:

The fear running through the Greek populace is that the nation’s government may default on some of its debts.

Since 1965, the Greek government has imposed restrictions on trading British Sovereign gold coins (gold content .2354 oz). Despite those restrictions, the Bank of Greece reports that it is selling an average of more than 700 coins per day to worried Greeks.

In the first four months of 2010, the Greek central bank sold more than 50,000 sovereigns at its main downtown Athens office. Bank officials estimate that at least 100,000 other coins changed hands on the black market. The Bank of Greece has received as much as $409 per coin, which works out to a price of more than $1,700 per ounce of gold! Prices paid on the black market are reckoned to be even higher. 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.

Careful with what we classify as "assets", people.

In Milwaukee, they're faced with the growing problem of seedy cash for gold shops popping up all over town and are considering regulating this growing industry. Starting with the possibly sketchy guys selling gold out of their trunks:

“It would probably be better to regulate some of these people that work out of their trunks,” he says. “Those are sometimes the people engaging in buying jewelry that doesn’t belong to the person that’s selling it.”

 That was jeweler John Barnes with bright ideas for Milwaukee aldermen. Perhaps it will help to get that in place proactively before America goes Greece and the tzatziki really hits the fan.

Jr Deputy Accountant

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.