Conspiracy, complacency and the death spiral phase –

7/7/2015 – The failure of gold to respond to Greece has attracted a lot of mainstream and goldbug comment. Goldbugs have focused on increases in demand as reported by coin dealers in articles such as this Bloomberg piece or directly by dealers such as USAGOLD (saying they had “experienced a strong surge of interest in June … [on] mounting concerns about Europe”) and Bullion Star (noting that “demand in the last week leading up to the Greek referendum has been about 150 % higher than normal”).

While Bullion Vault saw “internet traffic from Greece rise 50% during the first half of this year from the Jan-June period of 2014″ they reported no new accounts from Greece, noting that “the preferred choice for Greeks buying gold has remained bullion coin. Specifically gold Sovereigns” which can only be bought from their central bank, the Bank of Greece – the volume of which had doubled according to the Royal Mint… read more

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