Gold prices dipped below $1,725/oz. Monday on a dollar rebound amid stock market volatility. Gold last traded at $1,715 an ounce. Silver last traded at $34.24 an ounce. For the month gold prices rose nearly $100/oz. or 5.3%, while silver prices shot up over 12%.
Japan intervenes to tame soaring yen ahead of G20 - Reuters
The intervention vaulted the dollar more than 4 percent higher, which would mark its biggest one-day gain in three years.
No treat on Wall Street - Marketwatch
Stocks ended on a weak note Monday after MF Global Holdings Ltd. filed for Chapter 11 bankruptcy protection in New York on Monday morning after an effort to sell itself to Interactive Brokers Group Inc. failed.
The Chicago Mercantile Exchange said on Monday that customers of broker-dealer MF Global were limited to liquidating their positions. The exchange said it would no longer recognize MF Global.
MF Global is suffering because of low interest rates and bets it made on European sovereign debt, making it possibly the most prominent U.S. casualty yet from the euro zone debt crisis.
"MF Global shares instantly became illiquid when trading was halted, which should serve as a warning to investors to be prepared for the unexpected. Once again gold shines as the best protector of wealth with 100% liquidity 24/7 worldwide," said Swiss America Chairman Craig R. Smith
'Emperors With No Clothes’ Driving S&P to 700 - CNBC
“Policymakers will be exposed as 'emperors with no clothes on', and their policy choices over the last few years will be seen as the central problem, rather than as some mystical bazooka solution which can somehow reconcile the chasm between a lack of growth and productivity on the one hand, and the enormous debt and debt servicing costs and unsustainable entitlement culture costs that we face in the developed market world on the other,” said Bob Janjuah, the co-head of cross-asset allocation strategy at Nomura in London.
Gold prices steadied near $1,750/oz. Friday amid continued dollar weakness, stocks flat after EU debt relief rally. Gold last traded at $1,743 an ounce, steady for the week. Silver ended at $35.32 an ounce, up 12% for the week.
Gold Price "Close to a Big Breakout" - International Business Times
"According to gold expert John Hathaway, gold has had its correction and will resume its uptrend again. Hathaway goes on to say that soon enough no one is going to want to hold euros or the dollar because of the recent debt crisis.
Economic Freedom of the World: 2011 Annual Report -CATO
"In this year's Economic Freedom index, 1) Hong Kong retains the highest rating, followed by 2) Singapore, 3)New Zealand, 4)Switzerland, 5) Australia, 6)Canada, 7) Chile, 8) the United Kingdom, and 9) Mauritius. The world's largest economy, the United States, has suffered one of the largest declines in economic freedom over the last 10 years, pushing it into tenth place, down from sixth place in 2010.
"Much of this decline is a result of higher government spending and borrowing and lower scores for the legal structure and property rights components.
Gold prices rose near $1,750/oz. Thursday on safe haven demand and a sharply lower dollar, stocks EU relief rally. Gold last traded at $1,745 an ounce, silver at $35.09 an ounce.
Stocks Party, But Will There Be a Hangover Tomorrow? - CNBC
"Global stock markets and commodities rallied Thursday, after European leaders agreed to a deal to ramp up their bailout fund — the European Financial Stability Facility — and extracted a deal from Greek debt holders to take a 50 percent loss on their holdings.
Gold In Portfolio Can Boost Performance, Reduce Risk -World Gold Council
According to a recent report from the World Gold Council, putting gold in one's portfolio can boost the overall performance of that portfolio and reduce investor risk. Alternative assets in portfolios, such as gold, have been gaining popularity over the past few years.
Gold prices moved to fresh highs near $1,725/oz. Wednesday on safe haven buying amid EU debt, currency and banking crisis. Gold last traded at $1,725 an ounce, silver at $33.41 an ounce.
Saving Money in a Debt-Soaked Economy - Daily Reckoning
"The Case-Shiller index puts house prices nearly 4% lower than they were 12 months ago. If all of America’s housing stock has a value of around $20 trillion...this represents a loss of about $800 billion over the last year," writes Bill Bonner at Daily Reckoning.
"It was all on paper anyway," you might say. But that was the paper that the baby boomers had hoped to use to finance their retirements. Seventy million of them are supposed to retire over the next 15 years. Few have actually saved enough money. Some looked to the stock market. Others counted on selling their houses.
"Now, they’re in a jamb. Stocks and houses have gone nowhere in the last 10 years. They’ve got to do a lot of saving! The trouble with saving money is that it is incompatible with a debt-soaked economy.
"The best they can do is to let go the burden of mortgages, student loans, credit cards... all the debt that is dragging them down. Then what? Then, they have to cut back... and save real money for retirement."
Obama's Student-Debt Plan -WSJ
A government tithe: Student loans payback 10% of income in 2012, 20-year debt forgiveness
"President Barack Obama announced a plan Wednesday that would allow Americans to consolidate and reduce interest rates on their student loans, the latest in a string of narrowly tailored moves designed to jolt the economy.
"The centerpiece of Mr. Obama's plan would allow the estimated 5.8 million people who hold both direct government student loans and government-backed private loans to consolidate their debts into one government loan.
"Existing rules allow graduates to limit payments to 15% of their income, with all debt forgiven after 25 years of payments. Congress has changed the program to allow borrowers in 2014 to pay 10% of income, with loans forgiven after 20 years. Mr. Obama will say the program will start next year, not 2014.
Gold prices shot up 3% above $1,700/oz. Tuesday on safe haven buying despite a firmer dollar amid growing EU uncertainty. Gold last traded at $1,705 an ounce, silver at $33.27 an ounce.
Consumer confidence weakest since March 2009 - MarketWatch
Consumers have become more pessimistic about the current and future conditions of the economy. Consumer confidence has now dropped to the lowest level since 2008-2009 recession.
Physical Gold Demand Crushing Manipulators - KingWorldNews
What spurred today’s surge in gold and silver? According to John Embry, Chief Investment Strategist of Sprott Asset Management:
"The precious metals are moving up again as investors realize that only unprecedented money creation will resolve Europe's bankruptcy. Massive demand for real metal is overwhelming the price suppression scheme much as it did in the last days of the London Gold Pool in 1968, Embry says.
"To me the catalyst today is the issue that there is no solution to the European problem. All of the optimism that’s been out there has been based on the thought there was a solution and that the solution was going to be imminent. There are now clearly cracks in that facade and once again people are viewing gold as the ultimate safe haven and they know they better get some of it.
Gold prices rose above $1,650/oz. Monday on bargain hunting, safe haven buying and a flat dollar. Gold last traded at $1,653 an ounce, silver at $31.74 an ounce.
Merrill Lynch Warns of Another U.S. Debt Downgrade - ABC News
"If Congress fails to agree on a long-term plan to tame the nations debt, then the United States is due for another credit downgrade before this year's end.
Underwater borrower break -Marketwatch
"Obama administration set to unveil a mortgage refinance plan to allow homeowners who have suffered steep price declines on their properties to get new loans with more accommodating rates.
EU bank failures will crash Wall Street — again - Marketwatch
8 warnings for Washington and Occupiers "Worst-case scenario's closing fast: Occupy Wall Street growing. But no political power or allies yet. Feared yes, attacked by GOP proxy tea party. Soon the Occupation will explode into a new American Revolution.
Occupy Gold - Daily Reckoning - Byron King
"You create wealth by digging or pumping something out of the ground. Then you refine it and process it, adding value along the way. Then you turn the product into a finished good that somebody else needs or wants. That's why I pound the drum so hard for you to "occupy" the resource space, so to speak. Banks come and go -- But the resource industries endure. Occupy that.
Gold prices rebounded toward $1,650/oz. Friday on bargain hunting, a weaker dollar and global economic uncertainty. Precious metals slipped over 2% this week with gold last at $1,642 an ounce, silver at $31.40 an ounce.
Dollar slumps to record low versus yen - Reuters
"The U.S. dollar slumped to a record low against the yen on Friday in its biggest one-day decline in nearly two months, bringing back into focus the threat of official intervention to weaken the Japanese currency.
Euro Leaders Begin Six-Day Marathon on Greece, Banks - Bloomberg
"European leaders braced for a six- day battle over how to save Greece from default, shield banks from the fallout, and build more powerful defenses against the debt crisis rocking the 17-nation euro economy.
Why Occupy Wall Street will fail - MarketWatch
"The public has every reason to be angry at what’s going on in this country, and every reason to protest. But will the Occupy Wall Street movement succeed in changing anything? Don’t count on it.
"Here are five reasons I think these protests are doomed to fail. 1. They are in the wrong place. 2. They don’t have an agenda. 3. The weather’s turning. 4. Money talks. 5. We’ll forget about it.
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More headlines at SA.com ...
Could Money Supply to Lead to Gold $10,000/oz?
Gold Not a Bubble: It’s On Its Way to $10,000/oz
Last Chance to Own Silver at These Prices
Gold prices dipped below $1,625/oz. Thursday on profit taking amid geopolitical and economic uncertainty. Gold last traded at $1,620 an ounce, silver at $30.58 an ounce.
US 'Misery Index' Rises to Highest Since 1983 - CNBC
The misery index — which is simply the sum of the country's inflation and unemployment rates — rose to 13.0 - a 28-year high - pushed up by higher price data the government reported on Wednesday.
The Economic Disappointment of Generation O - RealClearMarkets
This is Generation O: the age cohort that contributed, registered, volunteered and voted for Barack Obama with greater intensity than we have seen since at least the 1960 presidential election. Since then, the effect of President Obama's failed economic policies has fallen most disproportionately on them.
It's not just bad luck, or President George W. Bush's fault, as Mr. Obama tries to suggest. Mr. Obama has promoted an Old Economy model that favors big corporations, labor unions and more government. But Generation O thrives best in a New Economy model that favors nimble start-ups, hard-charging union-free workplaces and minimal government interference.
"ONE BOOK, THE INFLATION DECEPTION, WILL PREPARE YOU. IT EXPOSES THE 'INFLA-TOC-RACY' AND SEVEN WAYS TO STOP THEM," says radio talker MICHAEL SAVAGE. Call 800-289-2646 or visit swissamerica.com for a FREE COPY.
Gold prices dipped below $1,650/oz. Wednesday despite rising wholesale and consumer inflation data. Gold last traded at $1,642 an ounce, silver at $31.23 an ounce.
U.S. consumer prices rise- MarketWatch
"Consumer prices rose again in September as Americans paid more for gasoline and a wide variety of groceries, the government reported Wednesday. The Labor Department said the consumer price index rose 0.3% last month, pushing the increase over the past 12 months up to 3.9% from 3.8% in August.
Shadowstats.com Alternative Inflation Index reports 12% is the true rate of inflation this year, three times higher than official government Consumer Price Index stats.
Gloom Grips Consumers, and It May Be About Home Prices - CNBC
"Americans have lost a vast amount of wealth, and they have lost faith in housing as an investment. They lack money, and they lack the confidence that they will have more money tomorrow. Many say they believe that the bust has permanently changed their financial trajectory."
Fed Now Backstopping $75 Trillion Of Bank Of America's Derivatives Trades - Daily Bail
"What this means for you is that when Europe finally implodes and banks fail, U.S. taxpayers will hold the bag for trillions in CDS insurance contracts sold by Bank of America and JP Morgan.
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Gold prices eased back near $1,660/oz. Tuesday on profit taking, dollar volatile amid Euro weakness and China fears. Gold last traded at $1,655 an ounce, silver at $32.04 an ounce.
Inflation Pressures Intensify as Producer Prices Jump Higher - Reuters
U.S. producer prices rose more than expected in September to record their largest increase in five months as gasoline prices surged, a government report showed on Tuesday. The Labor Department said prices received by farms, factories and refineries, increased 0.8 percent after being flat in August.
Monetary policy could be stability tool says Bernanke - MarketWatch
The Federal Reserve might have to hike interest rates if it saw a potential threat to financial stability, Federal Reserve Board Chairman Ben Bernanke said Tuesday. [Ed. Note: Americans are coming to understand it is the Fed itself that is the threat to financial stability.]
James Turk - Insolvency of Banks to Cause Gold Explosion
"What we are seeing is an increasing awareness of counter party risk. People are more clearly understanding the risks in the banking system and the insolvency of many major banks. As a consequence they are fleeing out of fiat money and this is a trend that will accelerate."
"What we are seeing in the metals right now is the quiet before the storm. These are excellent times to be accumulating gold and silver on the dips because longer-term you are going to see price levels for the metals that today would be considered unimaginable. "
Gold prices eased back Monday on profit taking, EU debt worries boosted the buck but sent the Dow back into the red for the year. Gold last traded at $1,670 an ounce, silver at $31.80 an ounce.
Favoritism in the Monetary System -Daily Reckoning
"People who complain about 'greedy' executives and rich people miss the point. People - rich and poor - are always greedy. But they don't always have a monetary system that encourages debt and favors investors over working people. This money system was created in 1971 by the Nixon Administration...and it was later perfected by subsequent Federal Reserve chairmen," writes Bill Bonner at Daily Reckoning.
5 Scenarios of How Obama Can Win Re-election - PR
“President Barack Obama will be 'toast,' easily defeated for a second term if the November 2012 election is a referendum on his failed economic policies, malaise and high unemployment,” says a veteran think tank futurist and author.
“Like a master magician on stage, President Obama and his media allies will be trying to 'misdirect' voter attention elsewhere so that by election day the public's greatest concern and fear will no longer be the enormous economic damage the Obama Administration has caused,” says Lowell Ponte, co-author of the widely-praised 2011 book The Inflation Deception: Six Ways Government Tricks Us...And Seven Ways to Stop It!
Here are 5 Scenarios: 1) War with Iran. 2) Defanging Pakistan Islamists. 3) Widespread Street Violence. 4) Political Convention Attacks. 5) Crackdown on “Right-wing terrorists." more...
10.14.11 -- Gold Solid as Civilization Crumbles -- Listen
Gold prices rose above $1,675/oz. Friday on bargain hunting and a weaker dollar. Gold last traded at $1,681 an ounce, silver at $32.22 an ounce. Precious metals gained over 2 percent for the week.
GOLD: THE GOLDILOCKS ASSET -SHARPS PIXLEY
"Gold started the year at $1410 and gained a massive $500 or so to its peak and has shed half of those gains to sit mid-way. It is neither too hot nor too cold as the Mommy bear would have said in Goldilocks, up $250 on the year to date, while stocks remain lower ytd.
Meanwhile, hundreds of Occupy Wall Street protesters stormed Wall Street on Friday. Things turned predictably violent as police clashed with protesters blocking traffic. Saturday night the OWS party moves to Times Square in hopes of spreading their message globally. [Ed. Note: Ironically, OWS claims to rep "the 99%" yet many are kids of "the 1%". OWS stands against Capitalism, yet sells 1,200 different signs, shirts & buttons on Ebay.]
LOWELL PONTE EXPLAINS 'OCCUPY WALL STREET' TO CBN - 4:00 Video
Lowell Ponte, co-author of "The Inflation Deception", "Crashing the Dollar" and numerous White Papers released by Swiss America discussed the Occupy Wall Street parade in a live interview with CBN News.
CBN: "What is the mainstream media not telling us about Occupy Wall Street Movement?
Ponte: "The entire focus of the organization is a violation of two of the ten commandments; thou shalt not steal, thou shall not covet. Many are professional leftists, community organizers and those motivated by a political agenda. Others are frustrated students now realizing it's hard to find a job. Student loan debt is now over a trillion dollars, larger than all consumer credit card debt. Obama has offered to forgive student debt if they enlist in government job or community organizing.
CBN: "Do you expect movement to expand into next year, an election year similar to 1968, and perhaps turn violent?
Ponte: There are a lot of people trying to turn this into the "astro-turf" (fake grass) version of the genuine roots movement, the Tea Party. We now know money is flowing in from George Soros and other sources to back OWS. Frankly, there is reason to be afraid for young people and old people; our spendaholic government is borrowing $58,000 every second. This is utterly unsustainable! OBAMA AND “OCCUPY WALL STREET” PROTESTORS HAVE MUCH IN COMMON.
Gold prices eased back near $1,665/oz. Thursday on profit taking and a firmer dollar. Gold last traded at $1,668 an ounce, silver at $31.79 an ounce.
Return to Gold Standard? Why Price Would Hit $10,000 - CNBC
"All the major countries in the world are in a race to debase their currencies in order to restart their economies. Either economic growth returns or the 40-year run of fiat currencies ends.
"And if under this worst case scenario the solution was to return to the gold standard of the Nixon years, the price of bullion would be worth $10,000-plus, six-times the current price, according to Paul Brodsky, co-managing member of QB Asset Management company and a self-professed ‘Gold Bug.’
“Policy makers are holding a burning match,” Brodsky said in a speech to a packed crowd at The Big Picture conference Tuesday in New York. “Baseless currencies follow the tyranny of short-term politics and so shall this."
The Inflation Deception co-author on CBN NewsWatch "President Barack Obama and most “Occupy Wall Street” protestors share many values," said author and former think tank futurist Lowell Ponte to CBN News on Thursday. Mr. Ponte traces where they both stand relative to eight different systems of politics and economics.
Gold prices rushed above $1,675/oz. Wednesday on bargain hunting, safe haven buying and a weaker dollar. Gold last traded at $1,676 an ounce, silver at $32.52 an ounce.
LACKLUSTER ECONOMY COULD LEAD TO NEXT GOLD RUSH - REUTERS
With the nation smothered in debt, crippled by unemployment and financed by dollar bills backed by nothing more than the faith of the public, some conservatives are calling for a return to the gold standard.
Former Bush economic adviser and Federal Reserve Governor Larry Lindsey said the weight of history leaned toward gold. The country moved to a fiat currency during the Civil War and then restored the gold standard years later. “I’m sure we’ll do it again, probably in the next 10 years.”
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Gold prices eased back near $1,665/oz. Tuesday on a firmer dollar as the rally on Wall Street fizzled. Gold last traded at $1,663 an ounce, silver at $32.21 an ounce.
WALL STREET PROTESTERS MARCH ON BILLIONAIRES' HOUSES -CNN
Occupy Wall Street is on the move ... uptown. Why uptown? Because that's where the rich folks live!
OBAMA AND “OCCUPY WALL STREET” PROTESTORS HAVE MUCH IN COMMON -PR President Barack Obama and most “Occupy Wall Street” protestors share many values, according to a former think tank futurist who traces where they stand relative to eight different systems of politics and economics.
“By connecting these dots, we get eight snapshots from different points of view that show where President Obama and these protestors really stand,” says Lowell Ponte, co-author of the new book The Inflation Deception: Six Ways Government Tricks Us...And Seven Ways to Stop it!
“These eight snapshots reveal that President Obama and 'Occupy Wall Street' stand closer together on many issues than the media is telling us, and are at least de facto allies and comrades,” says Ponte.
Gold prices rushed near $1,675/oz. Monday on a sharply weaker dollar following EU pledges of a new debt plan. Gold last traded at $1,682 an ounce, silver at $32.25 an ounce.
Precious metals continue to reflect the lacking confidence of American investors and businessmen. "The proper role of the president is not to create jobs, but rather to create an environment that stimulates the free market private sector to create jobs," said Swiss America Chairman Craig R. Smith.
"The environment for small business today contains far too many uncertainties regarding; taxes, regulations, healthcare costs," says Mr. Smith.
OBAMA'S 'NO CONFIDENCE' VOTE COMING NOVEMBER 2012
“If we were like France, Mr. Obama would no longer rule the U.S.,” says Lowell Ponte co-author of The Inflation Deception. “Under a European parliamentary system Mr. Obama would have faced a No Confidence vote by Republicans who won a 2010 landslide majority in the House of Representatives, and a quick election no later than September 2011 that he would have lost.
“Mr. Obama remains President, ironically, only because of the conservative system that America's Founders wrote into our Constitution,” says Ponte. “His No Confidence vote by the people won't come until November 2012.”
AIMLESS OBAMA WALKS ALONE - NY POST
President Obama has become a lone wolf, a stranger to his own government. He talks mostly, and sometimes only, to friend and adviser Valerie Jarrett and to David Axelrod, his political strategist.
OBAMA DISCONNECTS RHETORIC, REALITY - AP
In President Barack Obama's sales pitch for his jobs bill, there are two versions of reality: The one in his speeches and the one actually unfolding in Washington.
Gold prices dipped on profit taking and a firmer dollar on Friday following news of Spain & Italy credit downgrades. Gold last traded at $1,638 an ounce, silver at $31.27 an ounce.
For the week gold priced ended up about 1% while silver prices rebounded nearly 5%, offering smart investors another window of opportunity to buy during the quiet before the next storm.
According to "The Inflation Deception" authors Craig R. Smith and Lowell Ponte:
“Number One is that 65 percent – nearly two-thirds – of Mr. Obama's targeted rich are business owners or investors.
“Number Two is that less private capital to invest will mean less hiring and fewer jobs.
“Number Three is that the rich account for 36 percent of all charitable contributions.
“Number Four is that in the long run government won't really get more than 19.5 percent of GDP through higher taxes on the rich.
“Number Five is that less revenue from higher taxes will goad government into using the one form of taxation people cannot escape – inflation.
"Number Six is that Mr. Obama is using the old Democratic Party 'Tax Trap.' Almost a century ago politicians promised that an income tax would tax only the rich.
“Number Seven is that a house divided against itself cannot stand. President Obama is playing the usual Democratic Party 'divide-and-conquer' politics of pitting people against each other by race and class.
Gold in Fort Knox? Part I - Brad Meltzer's Decoded - History Channel
The History Channel has released an amazing documentary "Brad Meltzer's Decoded," which examines the question of whether the U.S. government really still has any gold in the vault at Fort Knox, Kentucky. If you missed it, Part one is 45 minutes and linked at our media page under "Other Videos of Interest".
Gold prices rose on Thursday near $1,650/oz. ahead of key economic data, following President Obama's speech today. Gold last traded at $1,651 an ounce, silver at $31.96 an ounce.
Craig R. Smith debunks Obama's Jobs Act speech -Fox News
President Barack Obama on Thursday said his jobs bill was a "wise investment" that could act as insurance against a double-dip recession. He also showed support for both the millionaire's tax hike and Occupy Wall Street movement.
"Mr. Obama's speech today was full of distortions and false promises, blaming everyone but his own administration for our present situation," Swiss America Chairman Craig R. Smith told Fox News today.
"Mr. Obama wants congress to OK spending another $447 billion for his plan without any support. We have been through this before with the last $787 Billion stimulus, and we still over 9% unemployment! He is failing..."
"The Occupy Wall Street demonstrators should be mad at Obama, who has done everything he can to stunt job growth, not Wall Street. They should be pressuring the Obama administration to come up with something that works. Do these protesters realize that Wall Street was the biggest contributor to Obama's election?"
Mr. Smith's advice to Mr. Obama: "Use $1 Billion in campaign contributions to actually create some jobs. Cut some spending and stop raising taxes! Even John Maynard Keynes said raising taxes during a fragile economy is a big mistake."
Gold rises as investors see bargains, bet on continued uncertainty- Washington Post
Gold prices are rising on bargain hunting and bets on continued uncertainty throughout the globe. Since the gold price dropped down to $1,600/oz it has become an attractive investment to many who think that the European debt crisis will continue bring down the global economy.
History Channel cites GATA in examining Fort Knox gold mystery - GATA
GATA secretary/treasurer Chris Powell figure heavily in a new edition of the television program "Brad Meltzer's Decoded," which examines the question of whether the U.S. government really still has any gold in the vault at Fort Knox, Kentucky. The program, to be broadcast on the History Channel, stresses the secrecy and unaccountability of the government in regard to anything related to gold.
Gold prices rebounded Wednesday on bargain hunting and safe haven buying, stocks cheered up a bit also. Gold last traded at $1,642 an ounce, silver at $30.51 an ounce.
Demand for Wealth Preservation Ensures Gold’s Retreat is Temporary - BMG
Gold will continue rising in value over the coming years for one reason: The primary buyers are purchasing physical gold for wealth preservation, and there simply isn’t enough physical gold to satisfy their appetites. The recent pullback was by no means the bursting of the gold bubble. Such pullbacks are healthy as they indicate gold has much, much farther to go. Full story
Those who buy gold for wealth preservation are happy. Gold has outperformed all other asset classes for most of the past decade (Figure 1). As other asset classes, such as bonds, currencies and stocks, become more positively correlated to each other, gold continues moving in the opposite direction and therefore continues serving its true purpose of wealth preservation effectively.
Has the gold been removed from Fort Knox? - History Channel
Premiere Date: 10/05/2011
What if I told you Fort Knox was empty? The History Channel investigates the legendary vault. Discover the devastating impact it would have on our economy and our pocketbooks if the gold were gone. Fort Knox has not been audited since 1974. Watch Fox Clip
Gold prices dipped 2% Tuesday on profit taking amid stock market volatility and downbeat Fedspeak. Gold last traded at $1,624 an ounce, silver at $30.12 an ounce.
Bernanke downbeat about job outlook -MW
A close reading of recent economic data doesn’t show any hint of improvement ahead for the weak U.S. labor market, Fed Chairman Ben Bernanke said Tuesday. Last week Bernanke called the weak labor market a national crisis.
Gold to regain glitter, say bankers to the rich -Reuters
According to private bankers in Asia, wealthy individuals should buy gold and $2,000 gold is still in sight. $2,000 gold is actually Credit Suisse's 12-month target.
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Gold prices shot up over 2% Monday on bargain hunting and safe haven buying as stocks shed 2-3% on economic worries. Gold last traded at $1,660 an ounce, silver at $30.49 an ounce.
"Investors may be shaken by gold's gyrations, but the bullish camp says that Asian demand will pull prices back up," writes Peter Brimelow at Marketwatch.com.
Seven Reasons Obama's “Tax The Rich” Plan Will Backfire -DailyFinance
President Barack Obama now says he will sign no jobs legislation unless “the rich...the millionaires and billionaires...pay their fair share” in higher taxes.“ Such class warfare will make America poorer, not richer, for seven reasons,” says author and small business owner Craig R. Smith.
Protectionism beckons as leaders push world into Depression - Telegraph
The world savings rate has surpassed its modern-era high of 24%. This is the killer in the global system. It is why we are at imminent risk of tipping into a second, deeper leg of intractable depression.
'Occupy Wall Street' Protesters Call For Totalitarian Government, Re-Election Of Obama - Infowars
Despite their honest intentions, many of the Occupy Wall Street protesters are being suckered into a trap and calling for the very “solutions” that are part of the financial elite’s agenda to torpedo the American middle class – higher taxes and more big government.