Precious metals are down slightly from today’s highs as stocks tumble more than 2% with concerns over the possibility of failure with the Greek default. Even Morgan Stanley and Bank of America have taken hard hits on the news. We are seeing some of the same things today as we did the last time there was a large drop in global stocks, as investors cover losses with safe haven investments such as gold. The dollar is trading higher against the euro as the result of the Greek news but even though it is seen as “stronger,” it still does not mean the dollar is strong.
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