“CATASTROPHE FOR THE EURO” TO LEAD TO REAL EUROPEAN FLIGHT TO GOLD
SilverDoctors.com
FEBRUARY 28, 2013
The ECB’s grand bond plan is now in jeopardy after Italian voters rejected EU conditions. Italy’s electoral earthquake is “a catastrophe for the euro and the European Union”, according to Luxembourg’s foreign minister, Jean Asselborn.
During the past four years, whenever the euro has declined significantly versus the U.S. dollar, German investors have fled to the safety of gold and been rewarded. Historically, when the Euro has declined by 8% to 20% since the start of 2008, gold in local currency Euro terms has risen by 14% to 41%, compounded annually.
So far the majority of demand for gold in Europe has been from more conservative German investors and savers due to their knowledge and experience of inflation and hyperinflation. As the Eurozone debt crisis escalates, demand will be seen across the European Union and not just in Germany.
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