The dip may be a good buying opportunity as the Greek debt

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) June 17, 2011 -- Immediate-delivery gold declined $6.30, or 0.4 percent, to $1,523.50 an ounce by 9:18 a.m. in London. The metal is down 0.5 percent this week. Gold for August delivery was down 0.4 percent at $1,524.50 an ounce on the Comex in New York.

German Chancellor Angela Merkel and French President Nicolas Sarkozy will meet today in Berlin to discuss a rescue package for Greece. The country’s Prime Minister George Papandreou is struggling to gain parliamentary approval for a 78 billion-euro ($110.3 billion), five-year package of budget cuts and asset sales by July to ensure Greece receives a new European Union aid package to avoid the euro-area’s first default.
Greek Default Outlook
http://www.hervelegersale2011.com/
A Greek default is “almost certain” and could help drive the U.S. economy into recession, Former Federal Reserve Chairman Alan Greenspan said in an interview yesterday with Charlie Rose in New York.

Gold is up 7.2 percent in 2011 after climbing the past 10 years, the longest run of gains in at least nine decades. Europe’s debt crisis helped bullion reach a record $1,577.57 on May 2. Fifteen of 23 traders, investors and analysts surveyed by Bloomberg said gold will rise next week. Five expect lower prices and three were neutral.

The dip may be a good buying opportunity as the Greek debt crisis “shows no signs of ending,” said Hwang Il Doo, a Seoul- based senior trader at KEB Futures Co.

Silver for immediate delivery dropped 1.5 percent to $35.0287 an ounce in London. Palladium fell 1.2 percent to $748.50 an ounce. Platinum was down 0.6 percent at $1,748.10 an ounce, the lowest level since May 23.