“Gold will rise to $2,500/oz and commodities will plummet if the euro area starts to break up, “said Capital Economics yesterday.
“Greece may leave the system this year, followed by Portugal and Ireland in 2013, "Julian Jessop, chief global economist at the macroeconomic consultancy, told a conference in London on Wednesday.
A drop in commodity prices could be "pretty bad" if the Eurozone breaks up, while smaller than the 2008 collapse.
Gold and silver will rise, he said. "It's almost certainly bad for all commodities, excluding gold and perhaps silver as a safe haven," Jessop said.
European Central Bank governing council member Ewald Nowotny said last month he "can't be sure" Greece will be able to stay in the single currency, while some economists including Nouriel Roubini have said that the country may leave the euro within a year.
Greece, facing a 14.5 billion-euro ($19.2 billion) bond payment on March 20, is struggling to arrange financing to avert a collapse of the economy, risking a new round of contagion in the euro area..."
at http://www.marketoracle.co.uk/Article33055.html
“Greece may leave the system this year, followed by Portugal and Ireland in 2013, "Julian Jessop, chief global economist at the macroeconomic consultancy, told a conference in London on Wednesday.
A drop in commodity prices could be "pretty bad" if the Eurozone breaks up, while smaller than the 2008 collapse.
Gold and silver will rise, he said. "It's almost certainly bad for all commodities, excluding gold and perhaps silver as a safe haven," Jessop said.
European Central Bank governing council member Ewald Nowotny said last month he "can't be sure" Greece will be able to stay in the single currency, while some economists including Nouriel Roubini have said that the country may leave the euro within a year.
Greece, facing a 14.5 billion-euro ($19.2 billion) bond payment on March 20, is struggling to arrange financing to avert a collapse of the economy, risking a new round of contagion in the euro area..."
at http://www.marketoracle.co.uk/Article33055.html
