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Italy Posts a Huge Increase in Sovereign Debt / Germany Again Reaffirms No More Aid to Greece

by Harvey Organ

Good evening Ladies and Gentlemen:

Gold closed down today by $10.10 to $1609.60. Silver fell by 30 cents to $27.76 in a generally lacklustre day. The big news of the day came from Italy which announced a huge increase in incremental national debt. It is growing by 9.6 billion euros per month and today it almost touches 2 trillion euros. Germany again reaffirms no more aid will be forthcoming to Greece. Today Greece announced that its deficit is minus 6.2% on a yearly basis. Europe rejoiced as they were expecting a contraction of 7%. We will be going over these stories and many others but first let us see what happened to gold and silver today:

Gold and silver were doing fine during the day but 20 minutes before the comex closed this is what happened:

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