Fortunately for Greece, the euro zone differs from the gold standard in other crucial respects.
It has revolutionized consumer credit in India, for example, where private households own more gold bullion than even the euro zone states added together.
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Yes, contrary to common wisdom and current euro zone practice, governments can and have put gold to good use.
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What with gold prices failing to make new highs, the euro zone crisis must be as near-to-finished as the broader global financial crisis.
Any uptick in sentiment for the euro zone can detract from any safety flight into gold in the short term, said Adam Klopfenstein, senior market strategist with MF Global.
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The resource estimate signalled the Revenue Zone holds a total of 3.7 million gold equivalent ounces at a grade of 1.1 grams per ton gold equivalent ounces.
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Gold bugs are full of reasons to buy, including the Euro zone crisis and indications that the Fed will do more to stimulate the economy.
That latter zone must hold to keep the longer-term technical trend bullish for gold.
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Gero said gold will be supported as the International Monetary Fund is now concerned that the euro zone debt crisis will expand.
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This battle is about to be re-enacted in the euro zone, where higher-cost countries have tied themselves to a new gold standard, in the form of the hyper-efficient German export machine.
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Longer-term gold investors, who have become more price conscious, would likely see a dip to that zone as a buying opportunity.
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That has endangering the euro itself, which has fallen 20% against gold since the beginning of the year, signaling that higher inflation and increased economic turmoil in the euro-zone may lie ahead.
The deal between Cyprus and its creditors dampened market speculation that the country could be the first to exit the Euro Zone, which triggered a mild unwind of some of the recent safe-haven bid seen into gold prices.
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