The Greeks are diverting from complete austerity, trying to keep the populace from total revolt, so how do they accomplish this? They spend borrowed money to cover their debts, simply buying time and avoid the inevitable. Meanwhile the Americans are waiting for political decisions to avoid the pending financial cliff that could spiral them into another recession if left unresolved. More money that will need to be printed to avoid the pain as a result the precious metals will appreciate to offset the ugly head of rampant inflation.  Today Gold was up $4.90 @ 1717.60; Silver up $0.43 to 33.71/USD/oz. Oil rose $0.18 to sit at USD$89.09. The Euro is presently around the 1.3050/USD level, with the potential to rise further toward the 1.3150 level. The Canadian dollar seems somewhat stable even though our Bank Governor, Mark Carney is off to run the Bank of England, sitting just close to Par.

Note-movements based on previous days closing market prices.

 

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