With Greece in the rear view mirror it is Cyprus’s turn for a 17-billion-euro bailout — but this time it is not bond-holders who get a haircut; it will be the Russian depositors. There is a current plan to restrict overseas withdraws or unless you want to pay a 25% penalty. Where will all this hot money go when the cash exits Cypriot Bank?
Gold and Silver
The Gold chart shows we are staging a small (@leones measured target near $162.50) inside a . The overall pattern is still a with a flag pole where a mounted base started back in 2000-01 and peaked in September 2011. Although I'm thinking this move will be rather fast, keep an eye on fibonacci levels for support- resistance.