Gold Trade Booming in Greece

My Two Cents: Fascinating article here.  It seems the semi-underground Greek gold market is booming and expanding at such a rapid pace the authorities have no idea what to do about it.  This is what I expect to happen in all countries as they experience collapse one by one and the people themselves gradually move to their own barter system/gold standard.

Some key quotes: “Even so, the number of licenses issued by the police in recent years in no way justifies the number of stores that are operating in the country, with a recent survey showing that in Attica alone there are currently more than 4,500 establishments trading in gold.”

“Meanwhile, police reports are increasingly featuring cases of large shipments of gold and silver being intercepted as they leave Greece for other countries without being accompanied by the proper documentation.”  (Hmmm…I wonder if Central Bank gold is part of those large shipments!)

Gold trade in financial squad cross hairs

By Evgenia Tzortzi

The hundreds of gold traders and pawn shops that have sprung up across Greece over the past three or four years are rapidly making it into the police’s crime bulletins on an almost daily basis.

Behind many of the garish store signs advertising “I buy gold,” found on almost every main street in every neighborhood in the country, what is abundantly clear is that laws and regulations stay at the door, as authorities in Greece find themselves stymied by the massive trade in gold and unable to get a grip on the number of such stores that are cropping up or the manner in which they go into business.

Read more here


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