They’re Running Out of Gold!… And Jobs

wealthwire.com / By Brittany Stepniak / Friday, August 17th, 2012

There’s a startling trend growing in Europe as families run out of all their money – both fiat currencies and hard-money metals.

Yesterday, Bloomberg reported on a story of a married couple selling off their last pieces of precious jewelry – their wedding rings, even – in order to pay their monthly rent dues.

Mr. Paulo Oliveira lost his job as a builder last month, and he’s afraid they will soon be kicked out of their apartment because he and his wife have no money left, and their gold is gone too.

According to Mr. Oliveira, “Everyone I know is struggling, even the gold stores are empty because nobody has any more gold left to sell.”

Portugal, historically known as the home of some of Europe’s biggest gold reserves, appears to be running out of gold.

Luis Almeida is part of a family-owned gold store near Lisbon’s Rossio Square, and he said that business has gone from great to terrible in just a short couple of months. After owning the store for nearly four decades, this market slump has led to the worst situation they’ve ever seen. Almost all of their clients have simply run out of gold – they’ve already sold their jewelry to pay their bills.

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2012-08-17 15:39:43

Source: http://silveristhenew.com/2012/08/17/theyre-running-out-of-gold-and-jobs/