It looks like many Germans have found a way to ditch the Eurozone despite their government’s actions to double down and help bailout the currency union.
As per the latest quarterly report from the World Gold Council:
While momentum in ETF tonnage paused during the first quarter of the year, we have seen gold ETF flows start to rise strongly again during the second quarter as anxious investors seek safe and less volatile investments in which to protect their funds against economic turmoil. Currently, European gold investment demand is exceptionally strong, especially from German and Swiss investors. This is mainly attributable to concern over public debt levels in the Eurozone and the potential inflationary impact of the European Central Bank’s (ECB) announcement of a US$1tn (€750 bn) rescue package to purchase Eurozone government bonds to address the Greek debt crisis. In the USA, American Eagle gold coin sales volumes have surged
Now they just need to change their residence to outside Europe and their exit from Eurozone bailout commitments will be complete.
(WGC report tip via Zero Hedge)