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13 November 2010

Irish 'in preliminary talks with EU on bailout' May Boost Gold and Silver

BBC reports the Republic of Ireland is in talks with EU officials for financial support

This afternoon, the BBC reported that the Republic of Ireland has entered talks with EU officials for financial support.

It is now a matter of when rather than if the Irish government formally approaches the European Financial Stability Fund (EFSF) for a bailout estimated to lie between 60bn and 80bn euros.

While eurozone soveriegn debt worries weighed on markets last week, this development may spook markets causing a flight to precious metals on Monday as markets reopen after the weekend.

At the very least it seems the Euro will be placed under further pressure as further bets against the euro zone currency by institutions, hedge fund managers and just about anyone else with an online currency trading account are likely to be made.

At traffic was strong as users watched for bargain bullion items to snap up at auction when many items end on Sunday evening.

At time of writing, Fixed price 1 ounce Gold bars in the US were trading at 15.02% over Fridays Gold fix.

Fixed price 1 ounce Silver was trading further down at 33.58% premium over the silver fix.

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