The gold market bulls did get somewhat of a boost overnight as the InternationalMonetaryFund reported several countries have added to their official gold reserves.
Greece's official lenders, led by the InternationalMonetaryFund, have been pushing for lower coupons and longer maturities on the new bonds to be offered to existing investors, increasing the debt relief in net present value terms to up to 70%.
Countries can escape from the tyranny of the markets by turning to official lenders: other countries, the InternationalMonetaryFund or the European Financial Stability Facility.