Investors fears concerning the nation of Greece with a potential for default on its bonds has kept a very firm bid beneath the price of Gold on the Continent. As you can see on the chart, gold priced in euro terms is within a whisker of its recent all time high. It is this strength which is preventing the Comex gold bears from substantially breaking down the price in US Dollar terms even as we are seeing a general selling theme across the commodity complex today.
"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat
Evil talks about tolerance only when it’s weak. When it gains the upper hand, its vanity always requires the destruction of the good and the innocent, because the example of good and innocent lives is an ongoing witness against it. So it always has been. So it always will be. And America has no special immunity to becoming an enemy of its own founding beliefs about human freedom, human dignity, the limited power of the state, and the sovereignty of God. – Archbishop Chaput
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