The €18 billion financial gap had to be filled in partly by a €10 billion EU bail- out and a matching €8.5 billion bail- in. This includes gold sales, privatisation, a stiff levy on interest from bank deposits covering both guaranteed and non guaranteed ones, and an ambitious 4.5 per cent of GDP consolidation which will cut Cyprus’s enormous debt back to 100 per cent by 2020.Once the facts are known, the mystery disappears. I wonder if all the bailouts required sales of gold? It would explain much of what's happened to the price of gold over the last 18 months or so.Question is, when the unusual extra supply eventually dries up, what then happens to gold prices?Poz
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