Gold Bullion "Well Supported" as Athens Faces Petrol Bombs

by Ben Traynor - Bullion Vault 
Published : June 20th, 2011

London Gold Market Report

 

U.S. DOLLAR gold bullion prices bounced to $1528 per ounce Friday morning London time – just below where they started the week – as commodities fell and US Treasuries dipped. Stock markets rallied, but were still on course for a loss on the week.

 

German chancellor Merkel and French president Sarkozy meantime met to try and resolve the Eurozone's deadlock over Greek debt restructuring.

 

"The alternative to compromise would be outright default," says David Mackie, chief European economist at JP Morgan Chase in London.

 

"It would lead to a collapse in the Greek banking system and the economy, and would likely generate a significant financial crisis across the region."

 

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