Tuesday, June 30, 2015

Greece Done - Maybe

Greek debt talks collapse, banks close, capital controls in place and gold barley moves. The initial reaction on the Asian open was a quick $15 rise in gold and a 2% drop of the Euro against the US$. There is a sense that a last-minute deal may still be pulled off, but the general mood is one of who cares. I would suggest that there may be more nervousness than is suggested by gold’s price action and the risk to traders lies in more upside pressure. With holidays in Canada and a shortened July 4th week expect high volatility.
By Peter Hug 
Global Trading Director
Kitco Metals Inc.

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