Auguries — Phoney War
December 29, 2011
By Kevin Michael Grace

Gold was down (at press time) $66.90 (-4.2%) for the week to $1,540.80, and silver was down $1.74 (-6%) to $27.36. Nicolas Johnson of the Globe and Mail attributed these declines to “a report from the European Central Bank [which] rekindled concern that the region’s debt crisis is deepening.”

The Guardian reports today, “The Euro sank to a 15-month low against the dollar on Thursday as the European Central Bank (ECB) reportedly stepped in to prop up Italian bonds following an auction that revived fears Italy may be unable to refinance its huge €1.9 trillion [US$2.46 trillion] borrowings.”

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