Gold prices shot up toward $1,750/oz. Wednesday on safe haven buyers and a weaker dollar as stocks cheered the next round of money creation. Gold last traded at $1,745 an ounce. Silver at $32.83 an ounce.
FED TO THE RESCUE - Bloomberg
The Federal Reserve cut the cost of emergency dollar funding for European banks as part of a globally coordinated central-bank response to the continent’s sovereign-debt crisis.
Stocks shot up like fireworks today 4% celebrating the defacto Fed weak-dollar policy. "Central banks open the spigots; stocks, oil, gold go vertical" reports Marketwatch.
TV ADS SPIKED BY MAJOR NETWORKS - WND
Two television spots developed by Swiss America have been rejected by major television networks for apparently political reasons.
The ads feature President Obama and Federal Reserve Chairman Ben Bernanke as animated characters engaging in the potentially inflationary policy of printing paper money with abandon to stimulate the struggling economy.
Singer Pat Boone appears in the commercials as an animated announcer who concludes that investing in gold is a prudent strategy to diversify a portfolio in inflationary times.
Gold prices were lifted again Tuesday by safe haven buyers and a weaker dollar amid mixed economic data, EU debt worries. Gold last traded at $1,715 an ounce. Silver at $31.94 an ounce.
"Paper money everywhere is being debased," warned investor Jim Rogers on CNBC. If the US dollar turns into confetti, there is no high for the price of gold, because the dollar will become worthless."
"The situation is out of control in the US. You’re going to have to take your pain sometime. If you did it now the system would survive. Right now governments have some credibility left… if you wait a year or two or five, when the market forces you to deal with reality, then the markets and the banks have no credibility."
U.S. DEBT CRISIS ON AN ELEMENTARY HOUSEHOLD BUDGET LEVEL
U.S. government pretends Americans are ignorant of basic math
Now that we are talking about 13 to 15-digit numbers when it comes to government debt it becomes impossible for most Americans to comprehend when or where these numbers will end.
So, to make it simple enough for even our elementary school children to comprehend, we suggest dropping the last 8 zeros from the U.S. budget numbers and consider it as your household budget.
Gold prices shot over $1,700/oz. Monday on safe haven buying and a weaker dollar as the disclosure of secret Fed bank loans boosts bailout hopes. Gold last traded at $1,712 an ounce. Silver at $32.08 an ounce.
SECRET FED LOANS DISCLOSED - Bloomberg
The Federal Reserve and the big banks fought for more than two years to keep details of the largest bailout in U.S. history a secret. Now, the rest of the world can see what it was missing. Add up guarantees and lending limits, and the Fed had committed $7.77 trillion as of March 2009 to rescuing the financial system, more than half the value of everything produced in the U.S. that year.
The Fed didn’t tell anyone which banks were in trouble so deep they required a combined $1.2 trillion on Dec. 5, 2008, their single neediest day. Bankers didn’t mention that they took tens of billions of dollars in emergency loans at the same time they were assuring investors their firms were healthy. And no one calculated until now that banks reaped an estimated $13 billion of income by taking advantage of the Fed’s below-market rates, Bloomberg Markets magazine reports in its January issue.
RECORD GOLD HOARD SPURS BULLISH BETS - Bloomberg
Eighteen of 26 surveyed by Bloomberg expect bullion to rise this week. Why? Almost $12 trillion was wiped off the value of global equities since May on mounting concern about slower global growth, driving investors to what are perceived as the safest assets.
MOUNTING PRESSURE ON ALL EU SOVEREIGN RATINGS -CNBC
Moody's Investors Service said on Monday the rapid escalation of the euro zone sovereign and banking crisis is threatening the credit standing of all European sovereigns.
Swiss America will be closed on Friday, November 25th in observance of the Thanksgiving holiday.
Most Thanksgiving Pilgrims came to the New World in 1620 because they had a rare gene in their DNA, says author Lowell Ponte.
“Only 2 percent of people in human history have left their native country to seek more freedom and opportunity in another land. This surprises Americans because most of us have ancestors who came here, like the Pilgrims and other pioneers, in search of freedom.”
“'American Exceptionalism' is real,” says Ponte, “and our liberty, faith, entrepreneurial drive and prosperity exist because – unlike most other countries – most Americans come from this 2 percent.”
Scientists have identified a genetic modification in an unusually large share of Americans that may be a key to America's exceptional success, a variant in what geneticists call D4-7 dopamine receptor alleles,” says Ponte.
The bad news, writes Ponte in his new book THE INFLATION DECEPTION: SIX WAYS GOVERNMENT TRICKS US...AND SEVEN WAYS TO STOP IT! (co-authored with monetary expert Craig R. Smith), is that recent rapid growth in government power and taxes is turning the U.S. into the kind of oppressive nation that the Pilgrims and pioneers fled here to escape. More... More: Swiss America Gold Market News
Swiss America will be closed on Thursday, November 24th and Friday, November 25th in observance of the Thanksgiving holiday.
“We call them Puritans, but their daily beverage of choice was home-brewed beer,” says Lowell Ponte, who investigated and wrote about the Pilgrims during his 15 years as a Roving Editor at Reader's Digest Magazine.
“The Pilgrims' usual protein was not venison (deer meat) or turkey. It was eels, which look a bit like sea snakes and were easy to catch on the seacoast where the Pilgrims landed,” says Ponte.
“The Indians who helped the Pilgrims were members of a sophisticated trade network, an economic system that stretched for thousands of miles,” says Ponte.
“The Pilgrims were not the only recent immigrants at that first Thanksgiving,” says Ponte. “So were some of the foods, including corn and pumpkin. Among the truly native North American foods enjoyed by Native Americans were cranberries, pecans, sunflower seeds and the roots of sunflowers, which we call Jerusalem Artichokes.”
Most Thanksgiving Pilgrims came to the New World in 1620 because they had a rare gene in their DNA, says Ponte ... more on that topic tomorrow. More...
Gold prices eased back from $1,700/oz. Wednesday on profit taking and a firmer dollar ahead of Thanksgiving holiday weekend. Gold last traded at $1,694 an ounce. Silver at $31.93 an ounce.
Here's a bit of upbeat news, U.S. consumer sentiment rose slightly in November as some of the gloom over the economic outlook ebbed, according to a survey released Wednesday.
A VERY GRATEFUL HEART - Craig Smith
Gratefulness is the cornerstone of the Christian life. Without it, nothing else will satisfy the deepest desires of the heart.
As a Christian family and businessman, I have much to be grateful for this year - despite the tragedies we've all faced during the turbulent 21st century so far.
I'm thankful for my wife and children because they are God's gift to me and a source of joy and challenge. They serve as God's tool to form my life into what He has for me to accomplish. My ultimate purpose.
I'm thankful for my business, Swiss America Trading and every single employee and broker that has is committed to serving our customers, boldly proclaiming that our mission is "Helping America Rediscover Gold in the 21st Century." Much more...
ED. NOTE: Swiss America will be closed Thursday, November 24th and Friday, November 25th in observance of the Thanksgiving holiday. Rejoice that you will likely be eating much better than the original Pilgrims. The first Thanksgiving dinner: eel and ale.
CAN GOLD SAVE THE EUROZONE? - CNNMoney
"With no end to the eurozone debt crisis in sight, the latest solution involves using gold as collateral. Eurozone central banks hold roughly 10,792 metric tonnes of gold. At today's prices, that would give the stash a price tag of nearly $650 billion.
PRICE STABILITY AND THE GOLD-LINKED DOLLAR - GoldStandardNow.org
"Since 1971, when we said good-bye to the last semblance of a gold standard, we have delegated that responsibility to the Fed and the world’s central bankers. This 40-year experiment has failed. Real economic growth is faltering, and the world’s leading powers are waging a currency war in which success, perversely, is measured by the level of currency weakness rather than strength. What has happened to the idea of a sound dollar?
Gold prices rebounded to $1,700/oz. Tuesday on bargain hunting and a weaker dollar amid U.S. and EU debt woes. Gold last traded at $1,699 an ounce. Silver at $32.76 an ounce.
"Supercommittee failure leaves Congress scrambling ... Obama lobbies for payroll-tax-reduction extension"
WHY THE SUPER COMMITTEE FAILED -WSJ
"Democrats were unwilling to agree to anything less than $1 trillion in tax hikes, and unwilling to offer meaningful reforms for health-care entitlement spending.
"Ultimately, the committee did not succeed because we could not bridge the gap between two dramatically competing visions of the role government should play in a free society, the proper purpose and design of the social safety net, and the fundamentals of job creation and economic growth.
ECONOMIC GROWTH JUST 2% (20% lower than previously reported) - CNBC
"The U.S. economy grew more slowly than previously estimated in the third quarter, Gross domestic product grew at a 2.0 percent annual rate in the July-September quarter, down from the previously reported 2.5 percent.
US DEBT ECLIPSES ECONOMIC OUTPUT - MoneyNews
"The U.S. national debt has broken $15.033 trillion, higher than the $15.032 trillion gross domestic product, meaning as of now, the country's debts are higher than its annual output, according to usdebtclock.org.
MF GLOBAL TRUSTEE SAYS SHORTFALL COULD EXCEED $1.2 BILLION - NY Times
"The amount of customer money missing from the collapsed trading firm MF Global may be more than $1.2 billion — double previous estimates — the trustee dismantling the firm’s brokerage unit said on Monday.
"The fallout from the collapse of MF Global has renewed calls for tougher regulation of the futures industry, which has long relied on the principle that customer money is always safe.
THE HISTORY OF YOUR MONEY With Craig R. Smith
Could you imagine tomorrow if you saw a commercial from McDonalds telling you to go buy Burger King? That's literally what we're seeing happening in the hard asset world.
For years Wall Street has criticized the lack luster performance of gold. They have criticized the wisdom of taking a portion of your assets and putting it away in a vault to protect you from inflation. And yet, starting in 2002-03, even the critics agree that now is the time to have a portion of your money in gold.
Walter Murphy, former chief economist Merrill Lynch correctly stated back in 2002, "Gold is a buy of the generation."
Gold prices fell below $1,700/oz. Monday on liquidity demand and a firmer dollar amid U.S. and EU debt woes. Gold last traded at $1,683 an ounce. Silver at $31.65 an ounce.
SUPERCOMMITTEE FAILURE COULD TRIGGER US CREDIT DOWNGRADE - Guardian
Economists are warning of dire consequences if US politicians fail to make progress in tense talks aimed at reducing America's massive deficit by 1.2tr ahead of a Wednesday deadline. Failure to do so will trigger an automatic "sequester" that will make cuts of that size to defense and social welfare programs starting in 2013.
SUPERCOMMITTEE FAILURE COULD MEAN HIGHER TAXES IN 2012 - CNBC
If Democrats and Republicans are incapable of working together on important budgetary issues, it is likely that they will be unable to agree to extend the payroll tax cuts put in place to fend off a recession. Payroll taxes were cut from 6.2 percent to 4.2 percent at the start of this year. The cuts are set to expire in the beginning of 2012.
DEFLATION FEARS REIGN - TheStreet
The Dow Jones Industrial Average fell more than 200 points as investors dumped gold and commodities for cash and fled to the perceived safety of the U.S. dollar. Worries that a failure to reach an agreement might open the door for another downgrade of the U.S.'s credit rating, as Standard & Poor's cited dysfunction in Washington as a main reason for its negative outlook.
CRAIG SMITH LIVE ON PETER SCHIFF RADIO SHOW
"Paper currencies all demand confidence, gold creates confidence," said Swiss America Chairman Craig R. Smith today on the Peter Schiff radio show.
"The future is in production, not debt. The British pound fell from reserve currency because of debt. The same can happen to the U.S. dollar.
"Gold and economic freedom are inseparable," said former Fed chairman Alan Greenspan. A decade after Nixon closed the gold window in 1971 U.S. inflation rose above 10%.
"The U.S. is going to default. Government needs to be honest and restructure the debt, but we know this is not politically expedient. Europe is perfect example of failed cradle-to-grave government economic policies."
WHEN TELLING THE TRUTH IS WRONG -11.21.11, Prager University
"Everybody thinks it's wrong to tell lies, but are there times when it's wrong to tell the truth? Renowned theologian Joseph Telushkin has a surprising answer. Take 'The 24 Hour Challenge'". [Editor's Note: This is the perfect 4:00 video challenge ahead of Thanksgiving family feast. Imagine if we all agreed not to speak or even think a negative word this holiday, but instead spoke only words of thankfulness, healing and happiness!]
Gold prices held near $1,725/oz. Friday on bargain hunting and a weaker dollar as EU debt fears eased slightly. Gold last traded at $1,724 an ounce. Silver at $32.40 an ounce.
Everyday our news editor Nicole Lorenzi sifts through the latest news stories effecting gold investors, as well as the economy as a whole, and she posts them for our readers. Here are samples of stories added to swissamerica.com just this last week.
GOLD AND THE EUROZONE - WHAT HAPPENS WHEN THE EURO FAILS?- Mineweb--11.17.11
With the euro zone getting worse every day gold may offer the best form of wealth protection against a possible global economic meltdown. European investment in gold during this latest period of uncertainty has increased by 135%. READ MORE
SILVER PRICE TO HIT $50 PLUS NEXT YEAR - Klapwijk - Mineweb--11.17.11
Philip Klapwijk of Thompson Reuters has a short term forecast of silver ranging from $35-$40 through the end of the year. He also forecasts the price of silver to be above $50/oz before the end of 2012. READ MORE
LYNN: GOLD LIKELY WINNER AFTER DUST SETTLES IN EUROPE - Barrons--11.16.11
With the crisis in Europe expecting to remain an issue for future, investors investing in gold will be the winners once all of the dust settles. Expert Matthew Lynn seeing one of two things happening, breakup of the euro or massive bond buying by the European Central Bank. READ MORE
WHAT SHOULD THE GOLD PRICE BE?!- Gold Seek--11.16.11
Investors see many stories and article on a daily basis about what the price of gold should be. This expert lays out many influences and factors and come to his own conclusion that the price of gold should be around $2,571 an ounce. READ MORE
IS GOLD HEADED FOR $3,000?- Forbes--11.14.11
Many experts are saying that gold will reach the $2,000 an ounce level before year's end based on the turmoil and financial crisis in the euro zone. $3,000 gold could become more realistic if contagion spreads from the euro zone to the United States and central banks pump money into the system. READ MORE
HOME FORECLOSURES STARTING TO RISE AGAIN - CNN Money--11.17.11
Home foreclosure filings have rose again in the third quarter. This also came with the news that the rate of homeowners delinquent on their mortgages fell. Experts say that this may be due to lenders working through their problems with their loan documentations that had previously slowed foreclosures. READ MORE
YOUR GROCERY BILL IS GETTING HIGHER, AND HIGHER - MSNBC--11.17.11
Grocery prices have been reported to be increasing and are projected to increase by 4 or 5 percent this year and another 2 or 3 percent next year. The combination of higher grocery prices and a high jobless rate has been putting a strain on many individuals. READ MORE
FEDERAL DEBT TOPS $15 TRILLION - The Washington Times--11.16.11
According to the Treasury Department, the federal debt now tops $15 trillion. Earlier this year Congress raised the debt ceiling, making way for the new record figure and under the new deal, government can only sustain a total debt of $15.194 trillion. READ MORE
RON PAUL: FEDERAL RESERVE IS LIKE DRUG ADDICTION - US News--11.16.11
Ron Paul made a statement that the Federal Reserve is "a deception" and compared them do a drug addiction and will "end in destruction." Paul claims that the government needs to go back to the gold standard in order to solves the debt crisis here in the US. READ MORE
US PENSION AGENCY DEFICIT LARGEST EVER AT $26 BILLION - CNBC--11.15.11
The US agency that insures corporate pensions has just recorded an annual deficit of $26 billion, their largest deficit ever. This is due to the company's exposure to financially weak companies that are on the rise in the weak economy. READ MORE
Gold prices fell below $1,725/oz. Thursday on profit taking and a weaker dollar, stock and commodity prices fall on EU debt fears. Gold last traded at $1,721 an ounce. Silver at $31.64 an ounce.
MR. SMITH OFFERS ECONOMIC TRUTH & SOLUTIONS - Coast to Coast
Your editor/publisher stayed up to listen in on Coast to Coast AM with George Noory last night and was very proud of Mr. Smith's common sense approach to explaining both the realities and solutions to our present economic, debt and currency crises. My favorite analogy: "Good politics and good economics rarely ever go together," due to politician's (democrat and republican) propensity to lie and steal wealth from their citizens via a fiat money system.
Here's Coasttocoastam.com summary of the two hour interview ...
"The American people have been deceived to believe we can create money out of thin air, and there will never be a day of reckoning, but that reckoning began in 2007, and we've only seen the tip of the iceberg. The government has created an 'Inflatocracy,' in which people are given money through entitlement programs, but don't produce anything.
"The more of anything you create, the less it's worth, and that's what's happening to the US dollar, with the Fed printing more and more currency," he explained.
Mr. Smith outlined seven steps people can take to collectively change the situation: "Vote inflation out, by electing honest lawmakers; demand our politicians pass balanced budget amendments immediately; allow for alternative currencies and break the dollar's monopoly; create a better and more egalitarian tax system; and consider restoring the gold standard or authorize states to use gold or silver coins."
Gold prices retreated 1% Wednesday on "tame" consumer inflation data, profit taking and a firmer dollar. Gold last traded at $1,761 an ounce. Silver at $33.68 an ounce.
The Treasury Department said Wednesday that federal debt now tops $15 trillion — a staggering figure that has risen precipitously over the last decade.
"INFLATION UNDER WRAPS" -MarketWatch
October's consumer prices dip .1%. The lower cost of living last month was tied mostly to a 3.1% decrease in gasoline prices, which remain up 23.5% compared to one year earlier.
ATTENTION NIGHT OWLS: Craig R. Smith Live on "Coast to Coast" Radio Show 1-3AM EST!
LISTEN LIVE between 1AM-3AM EST as Mr. Smith explains "The Inflation Deception" and debunks today's modern "Money Illusion" with Coast to Coast host George Noory. Craig will be making an exclusive special offer for all Coast to Coast listeners. We will post a listen link in this space by Friday.
"High, or even hyper, inflation is rapidly approaching," writes Mr. Smith in The Inflation Deception: Six Ways Government Tricks Us...And Seven Ways to Stop It.
"After 30 years of helping people hedge against financial risk, I can feel the tremors of this oncoming economic tidal wave rumbling beneath my feet. The coming devastation will put America's economy underwater and destroy the U.S. Dollar as we have known it, as the world's Reserve Currency."
The good news is that Mr. Smith offers a variety of positive solutions to regain American prosperity.
Gold prices rose above $1,775/oz. on Tuesday amid bargain hunting despite a firmer dollar as investors watch EU debt crisis. Gold last traded at $1,781 an ounce. Silver at $34.54 an ounce.
INVESTORS FLEEING BONDS, RECORD FLOWS INTO GOLD - Bloomberg
"Investors in India are withdrawing from government bonds and national-savings schemes to pour record amounts into gold. Benchmark bond yields in Asia’s third-biggest economy are headed for the biggest annual increase since 2009 as investors seek shelter from inflation that has held above 9 percent. “There is asset-switching, and people are betting more on gold as it is a safer asset and offers a hedge against India’s high inflation and the economic uncertainty affecting the world,”
BERNANKE BLUDGEONS CHINA WITH INFLATION AS CURRENCY WAR INTENSIFIES - Bloomberg
"We're in the throes of Currency War III, and Ben Bernanke has won the first offensive by flooding China with inflation. “It was the perfect currency-war weapon and the Fed knew it,” says James Rickards in his somber book, “Currency Wars”, which describes how the Fed’s expanding money supply forced China to print more yuan to maintain its peg to the dollar.
AMERICANS SPENDING MORE, EARNING LESS - MarketWatch
"Even with the economy teetering, or maybe because of it, retailers have been rolling out the discounts ahead of the holiday season, and shoppers have been responding. Last week sales are up 3.1% compared with a year earlier, while average weekly earnings are flat to lower.
GOLDMAN TO THE RESCUE! - DailyReckoning
"Who’s the biggest seller of debt on the planet? We don’t know...but Goldman Sachs has to be up in the rankings somewhere... and the Goldman boys are on the job, managing the mess they were so instrumental in creating.
"What’s going on in the USA? Alas, the US economy is the hands of the same people who caused the mess...who did not see it coming... and who have not had a clue what to do about it. They’re still running US economic policy. These illustrious incompetents — such as Larry Summers of Obama’s National Economic Council and Tim Geithner, his Treasury Secretary — have proven that they wouldn’t know a Great Correction if it bit them on the behind...
"So, they just keep adding more debt, more spending, more management, more ‘reform’ measures, and more centralization...and all want to control the world.
Gold prices steadied above $1,775/oz. on Monday amid profit taking and a firmer dollar, investors eye EU debt crisis. Gold last traded at $1,780 an ounce. Silver at $34.24 an ounce. Silver is the most volatile precious metal this year, touching $50/oz last April, has now risen 30% year-over-year, about the same percentage as gold.
IS GOLD HEADED TO $2,200? - Marketwatch
November Aden Forecast’s view: “The trend is your friend and for now, the gold trend is very strong by staying above $1,700. The key level for this decline is $1,594. On the upside, if gold closes and stays above the $1,903 level, then a leg up in the bull market could take gold to the $2,000 to $2,200 level as the next target.”
EU TODAY, U.S. TOMORROW? - CRS
"European shares drop as Italian bond auction fails to assure," reports Reuters.
"The Italian bond auction today serves as a barometer of the economic confidence investors have in new leadership under prime minister Mario Monte, one of the founders of the failing European Union and Euro currency," according to Swiss America Chairman Craig R. Smith.
"The international panic about the EU is far from over. Sovereign debt, which was once seen as 'risk-free', now remains highly volatile," says Smith.
THERE IS ‘NO WAY OUT’ FOR EUROPE - CNBC
"There is no way out...for any of the countries that are in trouble. Once one of these countries goes into this sort of problem, there is no escape," Roger Nightingale, economist at RDN Associates, said. "In a few days time or a few weeks, things will go wrong again, yields will go up and the whole thing will skid into decline. It's a foregone conclusion most of Europe is already in recession.
21ST CENTURY SILVER RUSH - Special Report
Silver prices are now up over 30% year-over-year! The "quiet" precious metal is now roaring along with gold! With very little fanfare a new bull market in silver began in mid-2003, driving the price of silver from $4.50 an ounce in 2003 to nearly $35 an ounce today -- that's over 650% growth! Find out why...
Thank Your Military! -- Link to Veterans Day featured video!
Gold prices rose above $1,775/oz. on Friday amid bargain hunting, a weaker dollar and ongoing EU debt fears. Gold ended the week with a 2% gain at $1,788 an ounce. Silver at $34.67 an ounce.
DEATH OF THE EURO -ExpressUK
Preparations were under way last night for the break-up of the euro as Europe’s debt crisis spiraled out of control. City insiders yesterday speculated that the “death warrant” for the euro had already been written
GENERATION AU: NEW GOLD BUGS ARE YOUNG AND RESTLESS - MarketWatch
Gold is attracting many younger investors who have become disillusioned with stocks and other traditional options for their money. The allure of gold is thousands of years old, but nowadays the precious metal has a youthful look.
Gold’s spectacular, decade-long run, coupled with the sovereign-debt crisis in Europe, an uncertain outlook for the U.S. dollar, and worries of worldwide recession, has minted a new vein of investors in their 20s and 30s.
Accordingly, many of these gold buyers have little faith in equities and, unlike older investors, are more inclined to consider alternative investments.
THE ILLUSION OF CAPITAL - DailyReckoning
The world’s “faith-based” monetary system is breaking down before our eyes. Don’t be caught off guard. The grim reality is that “rescue plans” can’t fix what’s broken. The Western nations are suffocating under mountains of debt...and there are only two known “cures”: default or inflation.
Gold prices consolidated recent gains Thursday amid profit taking and ongoing EU debt and recession fears. Gold last traded at $1,759 an ounce. Silver at $34.03 an ounce. GOLD'S BIGGER PICTURE
ECB PREPARING ITALY BAILOUT SAYS NIA - MarketWatch
"A proposal was made at the G20 summit last week in Cannes for Germany and other leading countries in the eurozone to pool together their foreign currency reserves including their gold reserves to back the EFSF, to easily leverage up their funds and raise more money through bond sales. As soon as this report surfaced, Germany immediately announced to the world that their gold reserves are "untouchable".
"Germany's unwillingness to use their gold reserves clearly shows that gold is the real safe haven where individuals should store their savings if they want to keep their purchasing power.
"The National Inflation Association predicts that the Fed will use fears of contagion from the European Debt Crisis as their excuse for launching QE3 in the near-future. Combined with massive inflation from Europe as the ECB monetizes debt to save banks with exposure to Italian bonds, gold will soon skyrocket to new all time highs.
DO YOU HAVE "UNTOUCHABLE" GOLD?
Call a Swiss America representative today at 800-289-2646 to see if your portfolio is positioned correctly for the next half of the 21st century gold rush.
Gold prices eased back from $1,800/oz. Tuesday amid growing angst over Greece, Italy and spreading EU debt crisis. Gold last traded at $1,784 an ounce. Silver at $34.96 an ounce.
What is happening today in Europe is a perfect example of what occurs when the ability of a debtor to service their debt comes into question.
"What would happen if in the United States, where we need to borrow $3.5 billion per day just to survive, interest rates which are now at 2% rose to 4-5% over a one-week period? You would see a complete meltdown of the U.S. financial system, banks would be frozen in their tracks.
"Over the long-term, gold will be the best place to hide from the devaluation of currencies and equities currently under way.
OCTOBER SURPRISE: "GOLD IS AN ELECTORAL JET STREAM." - GoldStandardNow.org
"The majority of voters across nearly all demographic groups favor the gold standard.... A majority of African Americans, most of them enthusiastically, support the gold standard. A majority of Union members... support the gold standard too."
Superpollster Scott Rasmussen has pulled the pin and rolled one of his patented hand grenades under the chair of the Political Class. Rasmussen’s “October Surprise” is contained in a recent poll showing 44% of likely voters favor returning to the gold standard, 28% opposed. That intensifies. If the public knew that it would “dramatically reduce the powers of bankers and the political class to steer the economy” support goes up to 57%. Opposition drops to 19%.
Gold prices eased back from $1,800/oz. Tuesday amid growing angst over Greece, Italy and spreading EU debt crisis. Gold last traded at $1,784 an ounce. Silver at $34.96 an ounce.
GOLD GAINS SUGGEST MORE WOES AHEAD - CNBC
According to strategic investor Dennis Gartman, you should be watching gold, which suggests that a rough ride lies ahead. ”Gold rising in euro terms says to me that the market doesn’t expect good news from Europe,” he says. (more from Gartman: GOLD: BOTH SIDES OF THE COIN
HOW TO FIGHT INFLATION: STAY HOME AND STARVE - RenewAmerica
"For years, the government has been lying to us by low-balling inflation. Oh, but don't worry, you'll be OK. Just don't eat anything or drive anywhere - or fly anywhere. Just stay home and starve.
"Friedrich A. Hayek — whose The Road to Serfdom, written nearly seven decades ago as if it were intended as a commentary on what's going on today — said, "History is largely a history of inflation, usually inflations engineered by governments for the gain of governments."
"In his book The Inflation Deception, Craig R. Smith — founder and chairman of Swiss America — writes, "Inflation is being deliberately created and used to trick us out of 1 — Our earnings, savings, investments and property, 2 — Our opportunities to pursue happiness, 3 — Our independence and self-reliance, 4 — Our security and peace of mind, 5 — Our freedom and our rights, and 6 — Our children's and grandchildren's future in what used to be a much freer America."
"All of this is made to order for the administration of Barack Obama, which has shoveled more dollars into the public sector — with Bernanke's cooperation, including purchase of the government's own debt through an increase in the money supply — which in turn reduces the value of the dollar.
The dollar's decline and the true rate of inflation (that's already in the pipeline) is reflected in today's price of gold, which has increased 26% ytd in 2011, from $1,415 to $1,785 an ounce.
Gold prices crested $1,800/oz. Monday on safe haven buying amid rising uncertainty about EU disintegration. Gold last traded at $1,795 an ounce. Silver at $34.93 an ounce
ITALY ON THE BRINK - MARKETWATCH
"The U.S. dollar inched higher against the euro on Monday in volatile trading as worries about Italy's ability to fund itself.
ITALY: TOO BIG TO FAIL, TOO BIG TO SAVE? - CNBC
"The health of the euro zone's third-largest economy has come into focus. Italy's size makes the potential consequences if it were to fail more wide-ranging than the much smaller Greece.
WHERE IS YOUR STORE OF VALUE? - CRS
"Where is your store of value today?," asks Swiss America Chairman Craig R. Smith. "The dollar recent strength is purely because it is best of the worst among paper currencies, as the Euro slides into the PIIG-pen."
"Gold alone is 'real' money because it is; portable, divisible, scare and a STORE OF VALUE. Pay no attention to the price of gold today, what is important is maintaining your buying power. No country or currency on earth has 'store-of-value money' unless it is backed up by gold."
"The government's only solution to a looming U.S. default is to print more of exactly what got us into this mess in the first place: fiat dollars. This herculean effort by governments to print their way out of the crisis will end badly. Inflation will run rampant in the near future, as I explain in my latest book, "The Inflation Deception."
Gold prices held above $1,750/oz. Friday as weak jobs data boosted the dollar and sent stocks lower. Precious metals were steady for the week. Gold ended at $1,754 an ounce and silver at $34.13 an ounce.
The U.S. jobless rate unexpectedly fell in October while employers added fewer workers than forecast, The unemployment rate fell to a six-month low of 9 percent from 9.1 percent.
G-20 FAILS TO AGREE ON BAILOUT - BLOOMBERG
"German Chancellor Angela Merkel said Group of 20 leaders meeting in the French resport of Cannes failed to agree on International Monetary Fund resources. World leaders balked at writing new checks to help bail out the euro-area, demanding its own governments first do more to fix the two-year-old debt crisis.
FOR ASIA’S RICH, ALL THAT GLITTERS IS STILL GOLD - CNBC
"The spot price has almost tripled in the last five years. Also, the performance of gold since the end of June and the beginning of September this year marked the strongest quarterly gain in spot prices since the early 1980s,” says Poh Huay Imm of Deutsche Bank Private Wealth Management.
"Therefore, it is no surprise that gold has been occupying more weight in the investment portfolios of Asia’s millionaires.
Top Stories of the Week ...
* TOP GOLD FORECASTERS SEE RALLY TO RECORD BY MARCH - BLOOMBERG
* FED'S "STABLE PRICE" POLICY IS A FANTASY - CRS
* SPECIAL REPORT: GOLD: BOTH SIDES OF THE COIN
* 'EMPERORS WITH NO CLOTHES’ DRIVING S&P TO 700 - CNBC
Gold prices shot over $1,750/oz. Thursday on a weaker dollar and market volatility following a surprise ECB rate cut. Gold last traded at $1,763 an ounce. Silver at $34.53 an ounce.
TOP GOLD FORECASTERS SEE RALLY TO RECORD BY MARCH - BLOOMBERG
Gold may rise 12 percent to $1,950 an ounce by the end of the first quarter, according to the median of estimates from eight of the top 10 analysts tracked by Bloomberg over the past eight quarters.
"There is a loss of trust in the entire financial system and urgent need for safe-haven investment," said Ronald Stoeferle at Erste Group Bank AG in Vienna, the second most- accurate forecaster in the past three months. "The environment for gold is just perfect."
"The price of gold will jump to $2,300 in the long term based on the remonetization of gold as money," said Mr. Stroeferle to CNBC back in June 2008. (See GOLD: BOTH SIDES OF THE COIN)
5 SCENARIOS OF HOW OBAMA CAN WIN RE-ELECTION - PR
Lowell Ponte warned the Common Sense Coalition radio show audience of coming attacks upon soon-to-be-called "Right Wing Terrorists" and "Tea Party Conservatives" in a massive liberal smear tactic. "Team Obama must alienate the Tea Party from the mainstream by using a great distraction right before election, so there is no time to investigate erroneous allegations. Do not be tricked or fooled," says Dr. Ponte. more...
Gold prices shot over $1,725/oz. Wednesday on safe haven buying and a weaker dollar following Fed statement. Gold last traded at $1,739 an ounce. Silver at $34.27 an ounce.
FED OFFERS NO NEW EASING AMID GLOBAL ECONOMIC WOES - CNBC
"The Federal Reserve held off on taking any more measures to goose the economy, even as conditions suggest that the US is far from in the clear on growth and as the global markets rumble.
"The Fed slashed its forecast for economic growth, raised projections for unemployment, and suggested Europe's debt crisis posed big downside risks to the U.S. economy.
FED'S "STABLE PRICE" POLICY IS A FANTASY - CRS
"There is no doubt in my mind QE3 is on the way. The Dow shot up 200 points after the meeting. Bernanke is fully prepared to buy large amounts of MBS's to secure U.S. banks and their balance sheets. This Fed chairman is a bank CEO's best friend," commented Swiss America Chairman Craig R. Smith in a memo.
"This is what my book, "The Inflation Deception" predicted. We may see QE4, 5,6, 300, whatever it takes to make the economy grow - even if that growth is artificial in nature."
"The Fed dual mandate of maximum employment and stable prices is a fantasy. Just go to a grocery store to see the failure of the latter. Price inflation is on the way and it will be rampant by mid-2012 unless the Fed reverses course. Which is highly doubtful if the Chairman's comments are to be believed. This is positive for Gold and commodities."
"The Fed has left the inflation barn door wide open. Stampede ahead!" according to co-author Lowell Ponte.
Gold prices zig-zagged ending near $1,720/oz. Tuesday as EU debt crisis send stocks falling and the dollar rising. Gold last traded at $1,719 an ounce. Silver at $33.34 an ounce.
NEWS ALERT: GOLD: BOTH SIDES OF THE COIN
A Fair Comparison of The Experts' Bearish and Bullish Cases
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