Monday, November 7, 2011

Italy Cancels 10-Year Auction Scheduled for Nov 10th Due to Surging Yields- ECB to Demand Itay's Gold Next?

Yep, because all this situation needs is just some time to calm down. 
We all remember what happened in 2010 when the Greeks delayed their bond auctions because yields passed 7%....several months later everything was back to normal and bonds could be sold again for sub 2% yields.  Isn't that how the story went?  LOL

Meanwhile, the 10-year has surged to another new record high of 6.662% 

Perhaps the ECB might want to get in front of this and start asking for the Vatican's gold to help prop up the EFSF...the German's don't appear to be too interested in releasing theirs.
In all seriousness, look for the ECB to go after Italy's gold, as unlike Greece which had none, Italy is reported to be in the top 5 for central bank gold holdings. 
How long do you suppose it will take the banksters to demand it?