The situation on the gold market calmed down quickly again yesterday following the initial turmoil and the gold price shed all of its gains again.
This morning sees gold trading at $1,175 and €1,050 per troy ounce respectively. Clearly, gold market participants are expecting Greece to remain in the Eurozone.
If the Greek population were to vote "Yes" in next Sunday's referendum, we would doubtless see renewed negotiations with the EU on further aid payments. The Greek government announced yesterday evening that it would not be making the €1.6 billion repayment that is due to the IMF today, thus cutting Greece off from further financial assistance from the IMF.
What is more, the current aid programme for Greece officially expires today.
