September Quarter Comments, page-5

I think, Greece will only matter for gold if it turns into a GFC and it still may either way.

Give in to Greece and issue a hair cut Italy, France, Spain will want the same.

Force Greece to go it alone and many economists predict Greece would be a lot better off, a lot sooner, not having the debt that was originally provided by Goldman who at the same time bet Greece would default, where upon the EU bailed out Goldman and took on the debt to give Greece more debt to pay for debt etc...

Even though there would be short term pain if Greece went alone, the dumping of the debt would be better, as they could start building the economy from zero rather than minus.

This outcome may also encourage Italy, France and Spain to follow suite, due to the expedited good outcome fast recovery, plus they would need to change focus in the economies to facilitating overseas ownership of local assets, manufacturing and export like Tourism, they are all big tourist destinations. But this would mean short term chaos, which I think they will have regardless.

Regards MarkH