Cyprus Bailout Debacle Sends Gold ETFs Higher
Gold and silver prices rallied last week as uncertainty around the future of Cyprus, and of the European Union as a whole, spurred demand for safe-havens.
Cyprus struck a last-minute bailout deal early today, avoiding a much-feared collapse of its banking system. The plan foresees the closure of Cyprus’ second largest bank, Popular Bank of Cyprus, with unsecured depositors with deposits above EUR100,000 potentially losing the remainder of their savings
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