We asked traders about the consequences of a Grexit

July 17, 2015 03:34 PM

Pete Thomas @goldbug111

I wrote a brief comment in Futures that Greece was a bad fit for the EU back when it was first tabled for consideration to enter the Eurozone. My outlook has never wavered, and I see all the funds that have been pumped into Greece will have to be written off as a bad loan. Just as the bad loans in the American home market went bad, I see Greece as the same bad borrower—which is to say that they took what they were given.

I think this will be a stern lesson for the Eurobond, but looking at the big picture the euro will be alright. I can share with you that, as a metals broker, the reports of shipments of metal to places such as Malta, Spain, Italy and Turkey have been very large and regular for our Greek clients, so this issue has come as no surprise to the Greek people.
 

Peter Thomas is a senior vice president at the Zaner Precious Metal Division. As a licensed floor broker he was a filling broker in the silver pit back in the days when silver ran to $55 an ounce. He currently manages a global cash desk which handles Refiners, Recyclers, Mining Operations and Coin & Bullion companies.

Image via flickr

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