Greece, which accepted a bailout of its debt-laden banks and public financing system in June 2010, will run into a "horror story" should it restructure its bailout repayment schedule, according to Christian Noyer of the governing council of the European Central Bank. The Aegean nation would encounter lots of trouble with financing options for many years to come with financing options, he said.
"The 'trump card' currency of choice is gold and in all likelihood it shall become even more readily embraced, not less so, in the days and weeks ahead as Europe's problems worsen," Dennis Gartman, an economist and the editor of the Gartman Letter of Southeast Virginia, told Bloomberg.
At 9:04 a.m. on Wednesday, gold futures edged up in value 0.12 percent, a $1.80 cent gain to $1,525.10 per troy ounce.
"Market participants remain nervous about peripheral debt troubles in the euro zone," stated a Wednesday report by Andrey Kryuchenkov, an analyst at VTB Capital in London. "Gold will remain well-supported in the short-term."
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