The Italians Know its Over

29 Aug

Over 28,000 “cash for gold” shops in Italy – and business is booming…

“Since I was a child I remember that gold was given as a gift on various occasions and people used to say: ‘Put it aside’,” said Ivana Ciabatti, who represents gold– and silversmiths at employers’ lobby Confindustria.

“We used to laugh at it, but they turned out to be right. Many families are surviving thanks to this gold.”

Meanwhile, across the counter…

The pawnbrokers, by contrast, can hardly keep up with business. They normally have the gold quickly melted down and sent abroad, making it one of Italy’s fastest growing exports. Official gold sales to Switzerland leaped 65 per cent last year to 120 tonnes, up from 73 tonnes in 2010 and 64 tonnes in 2009.

That’s one way to diversify your economy

The EU – when you put communists in charge – you get communism…

 

Zero Hedge

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