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Greek Bank Run Spikes Gold Rush

During 2010 and 2011, Greek citizens have been running to their banks in order to withdraw their savings. The causes are multiple: fear of returning to the drahma, as a result of leaving the euro zone and also, the rising poverty and joblessness, as well as fear of sovereign default.

Naturally, banks and governments are afraid of bank runs. Therefore, the immense several hundred billion euros-worth bailout money was used to save the banks.

The bank runs in 2010 through 2012 implicated a "gold rush", we might even say: gold run. Greeks ran to the banks to take their money out in cash and invest in fungible assets like investment gold.

Greek bullion sellers experienced an increase of gold bullion products, as citizens withdrew over 12 % of their savings from the banks (figure reported by the National Bank of Greece).

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