The Street - Gold Prices Gain on Greek Debt Deal (Update 1)
By: Phillip StreibleFebruary 9th, 2012 8:59AM CST
On the one hand, if Greece is forced to leave the euro the currency could rally, "it's like trimming the cancer off," says Phil Streible, senior commodities broker at RJO Futures, and would most likely support gold. Although if risk appetite returns in full force, gold might be forgotten as a safe haven asset. If Greece leaves the euro and all hell breaks loose and the euro plummets, gold could sink along with it at least in the short term. Mario Draghi, head of the ECB, already said in a press conference today that the economic outlook remains "uncertain" and "downside risks remain."
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Phillip Streible
Senior Commodities Broker
Early in his career Phillip began trading his own account as a screen trader focusing on the metals, grains, and stock indices. He then became a Series 7 licensed financial consultant with A.G. Edwards. Later, he expanded his trading experience into a Series 3 licensed commodity broker with Investment Analysis Group. Most recently he was a senior market strategist at MF Global before joining RJO Futures in October 2011 as a senior commodities broker.
As a senior commodities broker .... Read More
As a senior commodities broker .... Read More
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