The unemployment report from Greece came in and fully 25% of Greece’s workforce is unemployed. There is only one word that can describe that sorry situation: DEPRESSION.
Meanwhile, in Spain, the news was no better.
Standard & Poor’s downgraded Spain’s credit rating two notches (again) to just one level above junk status. This will raise the cost of borrowing for Spain and is a reflection that past band aids put on by the European Union have not solved that nation’s problems.
What all this means to investors is that, though the financial world is oblivious now, it won’t be able to remain oblivious forever. And though right now investors are not seeking the safe haven of gold due to the European crisis, we can be sure that eventually they will.
It is best to accumulate safe havens BEFORE everyone else does!