Wednesday, June 22, 2011

Greeks emptying bank accounts and buying silver/gold...shocking.

By Kerin Hope in Athens

Published: June 21 2011 13:50 | Last updated: June 21 2011 22:34

Greek citizens are emptying savings accounts and buying gold as they brace themselves for the possibility of a sovereign default and a run on the banks.

Pledges by socialist prime minister George Papandreou that his government would “save the country” have been widely discounted by the public. However, parliament gave him a vote of confidence late on Tuesday night. The socialists have a six-seat majority in the 300-member house.

Sales of gold coins have soared as savers seek a safer and fungible source of value.

“When the global financial crisis started, our sales of coins to investors overtook bullion for the first time,” said Harry Krinakis, at Sepheriades, a Greek precious metals trader. “Now the sales ratio has reached five to one.”

Tomas, a computer technician, has exchanged his euro savings for gold coins: “I keep them at home just like my grandmother did in the second world war.”

Monthly bank withdrawals were running at €1.5bn-€2bn (£1.3bn-£1.8bn) in the first quarter. Last year, depositors withdrew €30bn, equivalent to 12.3 per cent of total savings, according to the central bank. Greek deposits worth an estimated €8bn were transferred to banks in Cyprus in 2010. But the flow has dried up this year amid fears that Cypriot banks could suffer contagion.

Andreas, a supermarket manager, transferred the family savings to Munich earlier this year: “The Swiss banks aren’t interested unless you’ve got several hundred thousand euros.”

“We can’t trust the politicians to get us out of this mess [and] have to protect our families,” Sakis, a garage owner, said at an anti-austerity protest in Athens’ Syntagma square. “A bank collapse has got to be on the cards.” He added he had withdrawn his savings and placed them in a bank safe deposit box “for security. Who cares about interest right now?”

Others put their savings into land when prices fell after Greece’s first European Union-led rescue last year. Angelos, a software specialist, bought a neighbour’s olive grove. “I grabbed the opportunity,” he said. “A year ago I wouldn’t have considered making such an old-fashioned investment.”


  1. Hey SGS,

    I have phyzz but I'm thinking about buying way out of the money options on silver or gold miners.
    I think hedge funds have been playing a spread trade, long gold/short miners so miners are way undervalued.
    You can see the divergence started way back in Oct 2009
    You got any suggestions how to do this?
    Much appreciated.
    I have donated btw!!!


  2. The Greeks are Morons if they don't vaporize their banks accounts/retirements and exchange for gold/silver. When they get booted out of the Euro their banks will get revalued. Gold and Silver will save them. It is just a no FUCKING brainer

  3. anyone else thinking about taking what cash they might have in their bank account and withdrawing it? I get literally no interest but keep some for rent etc? I have had this thought for a long time.

  4. SGS what do you think about this?

  5. did a modicum of research on Lindsey, this is kinda funny, I love gary null and this YT video says Lindsey is scammer and null the shit, and this was 2 years ago ....

    here's another one on a guy just blasting Lindsey (not saying anyone is right, just saying there are wildly diff POVs on him)

  6. Anyone know where I can see a live feed of Shalom's ramblings?

  7. I have contacted my RBC Dominion guy and asked that 30% of my LIF be invested in gold and silver certificates. Not mutual funds but certificates which can be exchanged for physical metals.

    He is resisting.

    All my funds have been invested in mutual funds (cash cow for the bank and fund managers) and over the last 6 years I have LOST MONEY!


  8. Got It!

  9. @dasPro

  10. Hey team,

    Can someone tell me why there's a "stock split 1:4 July 21" on Hinterland Metals?

    It's .30 right now... and I'm seeing the llil stock split icon on Google Finance but no corresponding info. Is the whole seperate storage facility for holding the PMs that were mined the reason for this stock split? If it is, why shouldn't they just say so!

    Anyways. That's just been bothering me today.



  11. @ Daspro read your post and pretend its not you! kinda obv

  12. Das the only paper RBC can help you buy is PHYS & PSLV, Gold and Silver, respectively, which are the only paper will be redeemable. CEF is also worth looking at.

  13. Colin, I've been mumbling about withdrawing a lot of money from the bank. My 89 year old mother doesn't get it, however.