Silver And Gold Remain Near Record Highs As Greek And Portuguese Debt Hammered

Tuesday, March 8, 2011
By Paul Martin

by Tyler Durden

From GoldCore

Silver is higher against all currencies today and remains near yesterday’s 31 year high of $36.75/oz. Gold is slightly higher against most currencies, especially the Swiss franc and euro.

While most of the focus continues to be on North Africa and the Middle East, the not inconsequential matters of the European sovereign debt crisis and the US’ dire fiscal situation continue to bubble away beneath the radar.

Greek and Portuguese bonds have taken another hammering this morning. The Greek 10-Year yield has surged to 12.44% (TD: make that 12.764%), up another 35 basis points today alone, and Portuguese 10-Year has surged to 7.58% (TD: make that 7.66%), another 22 basis points. The recent “bailouts” and failure to properly restructure the debt shows that the sovereign debt crisis is far from contained.

The US recorded its biggest monthly deficit in history yesterday with a $223 billion deficit for February alone, the 29th straight month of deficits – a modern record. This does not bode well for the beleaguered dollar and could result in further sharp falls in the value of the dollar.

The Rest…HERE

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