Gold Price Rises Above $1,600 In Response To Levy On Cyprus Bank Deposits, Reports Gold Price

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Safe-haven physical buying has pushed the gold price above $1,600 per ounce, as Cyprus prepares to confiscate money from private citizens, reports American gold dealer, Gold Price.

Gold Price - GoldPrice.net

Gold Price - GoldPrice.net

Gold and silver not only have the potential to hedge finances against economic uncertainty, but they can also protect wealth against terrifying government actions like those which we are seeing in Cyprus.

The gold price climbed more than 1 percent to peak at $1,605.70 per ounce on Monday, as mounting economic uncertainty in the Eurozone reached a critical moment. Cyprus, in an effort to raise the 5.8 billion Euros demanded by EU finance ministers, announced that it will confiscate money from the bank accounts of private citizens. According to the Telegraph, this levy is set to take 9.9 percent from bank accounts holding more than €100,000, and 6.75 percent from accounts holding less. The unprecedented move awakened fears of Eurozone instability, and prompted conjectures that the same might happen elsewhere in Europe. The Euro on Monday dropped to its lowest value against the dollar since December.

Arthur McGuire, Vice President of Gold Price, says, “What’s happening in Cyprus is an outrage and investors are right to fear its implications. It’s theft, plain and simple. If it can happen in one European country, it can happen in any European country, and it’s not unreasonable to extrapolate that further to say that if it can happen elsewhere in Europe, it can happen anywhere in the world. If citizens’ money isn’t safe in the banks, then where will it be safe? The answer to that is why we saw the gold price rise above $1,600 per ounce on Monday. Gold and silver not only have the potential to hedge finances against economic uncertainty, but they can also protect wealth against terrifying government actions like those which we are seeing in Cyprus. We recommend that investors buy gold and silver now to protect the wealth they have worked so hard to obtain, before such unscrupulous practices spread and the gold price rises even more.”

Gold Price (GoldPrice.net) is a leading precious metals advisor since 1992 with headquarters in New York, California, Texas, Utah, New Mexico and Puerto Rico. Gold Price is also a direct gold and silver dealer, specializing in purchasing, selling and trading physical gold and silver as modern bullion bars/coins and certified rare coins. They offer investors a free award-winning gold starter’s kit by visiting http://www.goldprice.net or calling 1-800-767-1423.

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Arthur McGuire
Gold Price
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