Articles
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As Cyprus Struggles, Now Is the Time to Buy Gold
I’ll bet a few Cypriot bank account holders are paying much closer attention to gold now.
Since the announcement that Cyprus was looking to confiscate up to 10% of bank deposits, gold has risen by up to $24/ounce on safe haven demand.
After all, gold is real wealth, and it’s the only asset that’s not simultaneously someone else’s liability.
Central bankers, even in the West, know this too. As former Federal Reserve Chairman Alan Greenspan once said:
“Gold is the canary in the coal mine. It signals problems with respect to currency markets. Central banks should pay attention to it.”
I just hope the irony of that message—and its messenger—aren’t lost on you.
As for Cyprus, this ongoing crisis has it all. Along with gold, there’s debt, energy, intrigue and a long storied history…
The Cyprus Bailout Pits East vs. West
Situated just south of Turkey, west of Syria, and north of Israel, the Mediterranean island of Cyprus straddles the great divide between east and west.
Thanks to its strategic location in the Middle East, Cyprus has been occupied through the ages by numerous major powers, including the Egyptians, Assyrians, Romans, Ottomans, and even the British.
In the 1970 s, Cyprus became disputed territory between the Turks and the Greeks. That’s still true today.
Since joining the EU as a member state in 2004, the island nation has prospered as its economy became more diversified, and banking, tourism, and shipping flourished.
But thanks to the Greek sovereign debt crisis, a massive influx of Russians and their money, and some recently discovered natural resources, this territory is back to being disputed.
It’s a battle of east and west again. This time: It’s Europe and Russia.
Here’s what I mean…
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