Gold eases after Greek elections but selling may be limited
Gold | 2012-06-19 05:47:44
Gold is modestly softer after some investors who might have been previously frightened about Greece potentially leaving the euro currency are now selling some of their holdings, said George Gero, vice president and precious-metals strategist with RBC Capital Markets Global Futures.
By Paul Ploumis
NEW YORK (Scrap Monster): Gold is modestly softer after some investors who might have been previously frightened about Greece potentially leaving the euro currency are now selling some of their holdings, said George Gero, vice president and precious-metals strategist with RBC Capital Markets Global Futures.
He continued that, “The pro-bailout New Democracy Party garnered the most votes in Sunday Greek elections, improving prospects that the country will remain in the eurozone.”
“However, we are now seeing more problems with Spain, Syria, Egypt, North Korea (and) Iran, so selling may be limited as the slow recovery on two continents continues,” Gero added.
Spain was in the immediate forefront as its 10-year bond yields traded above the key 7% threshold.
