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February 16, 2012
By Kevin Michael Grace

Gold was down (at press time) $1.20 (-0.1%) for the week to $1,730.10, and silver was down
.40 (-1.2%) to $33.52. According to our favourite wire service, gold remains dependent on the Euro, which isn’t looking too good “after European officials postponed a decision on a bailout package for Greece, which fuelled fears the heavily indebted nation could face a chaotic default.”

This space remains highly sceptical regarding this magical power attributed to the Euro. In any event, we should see a clarification shortly, as the Greek bailout is a busted flush. At best. At worst, it is Germany dealing from the bottom of the deck. According to a website called The Slog, “A written document giving firm dates and detailed actions for a planned Greek default has been in the possession of two top Wall Street bank currency trading bosses since the second week in January… The plan gives a firm date of March 23 for default to be announced after the close of business.”

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