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  • Silver: 16.96 -0.18
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A Momentous Day

Ranting Andy
|
Friday, July 20th

SilverSeek.com Comment Wire 

 

A momentous day, as the Spanish and Italian stock and bond markets are literally CRASHING.  On the day the “Spanish Bank Bailout” was “approved” by the EU – Spanish 10-year yields have EXPLODED to 7.3%, and the IBEX stock index fell a whopping 5.7%.  Of course, the “bailout” requires constitution of the ESM, which has not yet been ratified or funded, and won’t be for some time – if at all.  Throw in the bankruptcy of Valencia – one of Spain’s largest “autonomous regions” – and you can see why few believe a bailout will ever be received, or that it will MATTER even if it does.

 

Gold and silver have been fighting “nefarious forces” all day, which are desperate to prevent them from safe haven flows, particularly in Europe where EURO GOLD is sitting right at the €1,300 capping level of the past YEAR.  It WILL shortly break out, driving MILLIONS of Europeans out of the Euro and into REAL MONEY – likely catalyzing the long-awaited PM mania phase.

 

Andrew C. ("Ranting Andy") Hoffman, CFA

Marketing Director

Miles Franklin Ltd.

 

ahoffman@milesfranklin.com

www.milesfranklin.com

 

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