The biggest and most viable fear in the financial world at this very moment is how far the contagion will go across the pond in the Eurozone.
With a recent threat by Fitch to downgrade US banks due to thier exposure of European debt, less than stellar results from the Spanish, Belgian, Italian and French auctions, and Angela Merkel, Germany’s Chancellor saying that everyone is delusional if they think Germany can, and/or will strengthen the weakness of the euro (not in those exact words), a big deleveraging moment could very well be upon us.
With the downgrade threat from Fitch yesterday, it makes it really evident how the conatagion is starting to effect triple A countries and how far this really can spread.
Precious Metals have been pulling back all week, in spite of 21 of 22 interviewd traders saying they would be up this week. But we still have tomorrow, and with all the uncertainty, individual’s should be all over the opportunity to add to their PM holdings at a dicounted rate.