The euro fell against 10 of its 16 major peers among speculation that Greek premier George Papandreou will struggle to gain control of the situation. Sales of gold coins have soared in Greece as savers seek a safer asset in which to invest.
On June 22, gold traded at $1,556.75 an ounce, edging closer to its April 29 record high of $1,563.70. Silver, also seen as a safe-haven asset, settled at $36.10 an ounce.
“Financial analysts worry that the troubles in Greece will have a domino effect on the whole European financial system,” said Frank Gaudino, managing partner at Lloyds Commodities, a gold, silver, platinum and palladium wholesale dealer based in Palm Beach Gardens, Fla.
Gaudino said gold is likely to test $1,600 an ounce in the short term as Greek fears and concerns over rising global inflation escalate. Greece is under considerable pressure to cut its debt, at 150 percent of gross domestic product.
Lloyds Commodities believes Greece’s gold rush will help the precious metals market to flourish. Lloyds encourages independent retail dealers to break into the precious metal market during this time.
The physical commodity wholesale dealer provides a unique two-way market for independent retail dealers to sell gold, silver, platinum, palladium and copper. The retailers receive top-notch training and software support from Lloyds while constructing their businesses and increasing profit potential.
Potential precious metal retailers interested in learning more can visit http://www.lloydscommodities.com/
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About Lloyds Commodities
Lloyds Commodities is a wholesale dealer specializing in the purchase and sale of precious metals such as gold, silver, platinum, palladium and copper. Lloyds maintains relationships with worldwide suppliers, financing institutions, and investment bankers to maintain client equity. Lloyds has extensive back-office support for day-to-day operations -- including trade confirmations and statements -- allowing its retail clients to focus on expanding and marketing their businesses. For more information about Lloyds Commodities, visit http://www.lloydscommodities.com/