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Cyprus bailout worries push investors into gold

Posted on 19 March 2013

Worries about the Cyprus bank bailout drove investors into the safe haven of gold on Monday. Gold for April delivery rose $12, nearly 1 per cent, to $1,604.60 per ounce.
News about Europe’s bailout plan for cash-strapped Cyprus unsettled many investors, and all three major US stock indexes lost ground. Traders were surprised that the bailout plan included slapping a tax on deposits in the country’s banks, essentially forcing anyone who keeps money in a Cypriot bank to take a “haircut,” or a loss. ……………………………………….Full Article: Source


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