Cyprus Bailout Impacts Gold Prices, Creates Opportunity

Wednesday, 8 May 2013, 12:40 pm
Press Release: MyGold

MyGold

For Immediate Release

Tuesday, May 7, 2013

Cyprus Bailout Impacts Gold Prices, Creates Opportunity, Mygold, Nz, Experts Report

Gold is still a solid investment: New Zealand-based MyGold, a long time precious metals merchant, comments on Cyprian economic crisis. “Dip in gold prices creates ‘golden’ opportunity.”

AUCKLAND, New Zealand (May 7, 2013) – Gold is still a solid investment: New Zealand-based MyGold, a long time precious metals merchant, comments on Cyprian economic crisis. “Dip in gold prices creates ‘golden’ opportunity.”

Cyprus will receive 10 billion euros ($13.8 billion) in aid from the European Union (EU) and International Monetary Fund (IMF), jointly, according to Reuters’ reports. The bailout was approved by lawmakers with a razor-thin majority of just two votes on Tuesday. But unlike Greece, Portugal, Ireland and Spanish banks, Cyprus was the first to dip into consumer savings to help finance the bailout.

“Many have concerns about traditional banking and investing methods, due to the state of the global economy,” says MyGold CEO Richard Elliott. “The Cyprian economic crisis is just one in a long list of recent, international, monetary crises that bring other types of investing to the fore. Investing in gold and silver bullion and coins gives consumers a tangible, proven and safer asset, expected to appreciate over time.”

The expected rise in the price of gold just might be a silver lining, in light of recent market activity. Cyprian economic woes, together with other market influences, became a cause for concern for many, as precious metal slid below $1,500 an ounce for the first time since July 2011, in recent weeks. However, Elliott sees this as a “make-or-break,” golden opportunity: “Buy now, when the price is low,” he says. “We believe that when other investments such as property and stocks are underperforming, due to negative influences such as the Cyprus bailout, the price of gold and silver rise.”

Historical data seems to agree, with many investors seizing such an opportunity during the 2007-2008 UK banking crisis. “If history’s a good indication of what’s to come, gold is still a solid investment.”

For more information on the purchase of gold and silver bullion and gold and silver coins, visit the MyGold website: http://www.mygold.co.nz/bullion/buy-gold/ .

MyGold is not a financial or investment advisor.

ENDS

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