headlines out this morning indicate that the EFSF has raised its bailout funds from €440 billion to €780 billion!
As we have repeatedly stated here, QE to infinity...AND BEYOND!
Gold has vaulted $10, and silver has shot up a full $1 on the news.
Amazingly, knee jerk traders are actually also BUYING THE EURO as the EUR/USD is spiking as well!
We double checked, and we can verify that it IS NOT in fact, Friday the 13th.
Look for the Euro/USD to plunge hard when the reason for the EFSF fund increase becomes apparent.
Time is running out to protect yourself with precious metals.
Time to start stacking faster!
FRANKFURT (MNI) -
The potential lending capacity of the European Financial Stability Facility will be raised to E440 billion, EFSF chief executive officer Klaus Regling told reporters on Monday.
"This will be done by raising the guarantee amount - the sum of all the guarantees from the euro area members states - from E440 billion today to E780 billion in the future," Regling explained at a joint press conference alongside European Economic and Monetary Affairs Commissioner Olli Rehn and Eurogroup Chairman Jean-Claude Juncker.
Regling also noted that the "over-guarantee" would be raised from the current level of 120% to 165%.
"By raising the over-guarantee, we will make the EFSF more efficient," he continued. "We can eliminate the cap reserve and therefore also overborrowing, which was necessary as a credit enhancement to protect bondholders and to obtain triple-A ratings."
