Gold And Silver Higher As ECB Intervenes In Markets – Currency And Euro Debasement Accelerates

Monday, August 8, 2011
By Paul Martin

From Gold Core
ZeroHedge.com
08/08/2011

There has been massive intervention by the ECB in the Spanish and Italian bond markets. 10 year yields have plummeted by more than 12% from above 6% to 5.27% and 5.34% respectively.

Other peripheral bond markets have fallen but Portuguese and Irish yields are only slightly lower. 5 year CDS have also fallen sharply for Spanish and Italian debt but falls in other markets were slighter and the cost to ensure French debt increased by 7 basis points.

There is increasing talk of a French downgrade and some are wondering why the UK has not been downgraded.

Gold is up 2.6% in euro terms to nearly EUR 1,200/oz which is not a ringing endorsement of the ECB’s intervention.

Non debase-able silver has surged nearly 4% and is back just below $40/oz.

The Rest…HERE

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