GREEK ELECTION IS A NEGATIVE FOR GOLD

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The Greek election is this Sunday, and no matter what the outcome, the election is negative for gold and silver in the medium-term. I believe this conclusion flies in the face of conventional wisdom. Not many will have the conviction to publish an unpopular view against conventional wisdom right before the election. I draw inspiration from the well documented fact that our adaptive algorithms have correctly called every major turn in gold and silver since 2007.

In Greek elections, on one side is the leftist Syriza led by Alexis Tsipras. Syriza is campaigning on the promise that it will renegotiate bailout commitments entered by the prior Greek government. Germany has indicated that there is not much room to renegotiate.

On the other side is the conservative New Democracy party. The conservatives are pro-bailout.

Greek law prohibits the publication of opinion polls in the last two weeks before an election. According to our sources, both parties are running neck and neck with the outcome hard to call. There are some press reports that the New Democracy is beginning to pull slightly ahead.

The conventional wisdom is that if New Democracy wins, gold and silver will go down, as there will be stability. On the other hand, gurus proclaim that if Syriza wins, Greece may end up with a disorderly exit out of the euro zone and the resulting instability will drive gold and silver to the moon.

We get a large number of emails. The anecdotal evidence is that gold bugs understand both sides of the argument well, and generally…..Read more at MarketWatch

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