Gold Standard News Daily - Real Money Blog
Posted M-F 6pm ET
7.20.17 - Cash Blackout: Online Bank Outage
Gold last traded at $1,245 an ounce. Silver at $16.34 an ounce.
NEWS SUMMARY: Precious metal prices rose Thursday on a sharply weaker dollar and safe-haven buying. U.S. stocks gyrated near flat line as traders weigh corporate earnings and political turmoil.
Gold price recovers as ECB comments lift euro -Reuters
"Gold prices recovered lost ground to edge higher on Thursday after European Central Bank President Mario Draghi said ECB policymakers would discuss potential changes to the bank's bond-buying scheme in the autumn, lifting the euro to session highs. Draghi said the policymakers were unanimous in choosing not to change their guidance for monetary policy, and not to set a date for discussing changes to its stimulus program. That was enough to spark a recovery in the euro after early losses, lifting gold prices....The ultra-low interest rates in place since the last decade's global financial crisis have been a key factor in supporting gold prices in recent years. With the end to that unprecedented monetary stimulus now within sight, financial investors are nervously trying to gauge how big central banks around the globe will unwind unconventional policies that have kept borrowing costs ultra low."
The Feds Just Expanded Civil Asset Forfeiture 'Laws' Nationwide -Zero Hedge
"When you're a government agency, asking for a tax increase is always a hassle. As Ryan McMaken notes, for the most part, taxpayers don't like taxes, and if asked if they want to pay more, they're likely to often say 'no.'....One such 'hidden' method of seizing wealth from the taxpayers is through what is now called 'civil asset forfeiture.' This occurs when a law enforcement agency seizes the assets - including real estate, cars, cash, and other valuables - from private citizens based merely on the suspicion that the person has committed a crime with the assets in question. No due process is necessary. No conviction in a court of law need occur.... As Reuters reports, the U.S. Justice Department announced on Wednesday that the federal government will reinstate a program that helps local and state law enforcement seize cash and other assets they suspect have been earned from crimes. Local police will now be able to seize cash, often from those suspected of drug crimes, even in states that do not condone the policy....As the colonists understood, if the government can arbitrarily take away your property, you have no true rights: you’re nothing more than a serf or a slave. The Fifth Amendment to the U.S. Constitution was born of this need to safeguard against any attempt by the government to unlawfully deprive a citizen of the right to life, liberty, or property, without due process of law....The time for us to take our constitutional powers back and reinstate self-government is long overdue."
Now is the time to declare financial independence from the government's Secret War on Cash, which continues to escalate daily. Now is the time to take action to protect your future!
Customers shut out of accounts for hours during Bank of America system outage -MiamiHerald
"Bank of America customers were shut out from their accounts for several hours Wednesday in a system outage....On Downdetector.com, a website that tracks reports of system outages, reports starting spiking after 11:30 a.m. and the website was inundated with comments from Bank of America customers around the country saying they couldn’t access online banking from their applications or computers, transfer money or deposit money or checks. Customers also reported that several branches’ operations were down. By 1 p.m., the website had received nearly 1,000 reports of problems. But by Wednesday evening, although some customers were still reporting problems, the number of reports had gone down considerably to about 200. Bank of America spokeswoman Jumana Bauwens said Wednesday the bank was aware of the issues with mobile and online banking and is working to fix the problem....When asked what caused the outage, Bauwens said she 'did not have that information.'"
Banking risks are alive and growing in 2017. In addition to the risk of insolvent banks, we have a virtual army of computer hackers who've infected computers of 140 banks in 40 countries ordering bank ATMs to spit out untold millions into the paper bags of waiting accomplices. Get the full story in our free White Paper Don’t Bank On It!
Bank Assets Are Ephemeral - Here Today, Gone Tomorrow -GoldSwitzerland
"Fake news and Fake assets are everywhere....We are now in a world where everything becomes electronic entries. Real people are no longer important. We are just all electronic entries in a register. It is the same with money. Money is today totally Fake....Nobody realizes that their money is just an electronic entry that can be turned off in a second by the government. This means that their money will be totally gone and will never reappear again....What everyone with a bank account must understand is that one day there is little or no money left in the bank. ATMs will then be closed and no money will be available. This is an elegant solution to the insolvency of the financial system. No paper money will be available nor any electronic money. Thus, there is no money to be had....Hard assets held directly by the investor reduces the risk. This can be anything from property, farmland, forest or mineral assets...The perfect asset to protect against the risks in the financial system is of course physical gold or silver stored safely outside the system and preferably outside your country of residence."
7.19.17 - Social Security: Broke in Five Years
Gold last traded at $1,242 an ounce. Silver at $16.29 an ounce.
NEWS SUMMARY: Precious metal prices held steady Wednesday on a firmer dollar. U.S. stocks traded higher as investors digested housing data and more quarterly earnings.
Silver To Surge Above $20 Within A Year -Kitco
"This year’s volatile silver market could see a positive price rally within the next 12 months, surging 25% from the current value, one UK-based precious metals consultancy said. Silver prices should see a strong rebound of at least 25% from their current levels of $16.27 to trade all the way at $20.25 within a year, Metals Focus analyst George Coles told Bloomberg on Tuesday. The main reason for the upcoming rally would be disappointing U.S. economic growth, which would translate into slower rate hike pace by the Federal Reserve, explained Coles, adding that this would mean good news for silver....Another boost for silver could come from short covering by Comex speculators, Coles noted. Even though silver prices saw a lot of resistance in the past three months, many investors are putting their money into silver ETFs, said Coles, with assets reaching a record 21,211 metric tons, valued at $11 billion."
The Economic Consequences of DC Gridlock -Fox Business
Swiss America chairman Craig R. Smith on the growing sense of frustration by prominent Americans such as businessman Jamie Dimon and economist Mohamed El-Erian as well as average citizens over the lack of progress in draining the swamp in Washington DC and making progress in boosting economic growth. Mr. Smith offers an optimistic strategy to help get America growing again - before American citizens (and the rest of the world) lose all confidence in U.S. political and economic leadership.
Tax reform becomes a must-win issue for the White House -Politico
"With President Donald Trump’s effort to undo Obamacare derailed by opposition from Republican senators, the White House has turned its attention to its next big shot at a big win: tax reform. The long-held GOP goal of re-engineering the U.S. tax system has now become a political imperative for the Trump administration, which has yet to deliver any major legislative victories despite Republican control of the White House and both houses of Congress....Donors and influential Republicans are particularly eager to see tax reform completed before the 2018 midterms - both for their own bottom lines and because it will be harder for Republicans to hold on to Congress without policy accomplishments, White House advisers and outside supporters fear. 'If Republicans fail to repeal or at least substantially roll back Obamacare, it raises the stakes dramatically to pass into law a big, bold tax-reform plan,' said Tim Phillips, who leads Americans for Prosperity, the political group backed by the Koch brothers....The senior administration official said the White House hopes to start rolling out a tax blueprint in August and then 'build on it.'"
Social Security Will Be Paying Out More Than It Receives In Just Five Years -Zero Hedge
"No matter how you slice it, it doesn’t seem possible to keep social security funded. In fact, social security is going to start paying out more money than it receives in just a few short years. It may even be insolvent before the baby boomer generation dies off....Right now Social Security continues to take in through revenue more than it pays it through benefits, which is expected to continue until 2022. Once Social Security begins to pay out more than it takes in, it will be forced to liquidate the assets held by the trust funds....There isn’t really any viable solution for paying off the future liabilities of social security, aside from cutting the benefits or increasing the retirement age. Otherwise it’s going to run out of money eventually, which is the same story with private and public pensions. We are all paying for our retirements in one form or another, but few of us living right now are going to fully benefit from it."
7.18.17 - Why Millennials Dislike Capitalism
Gold last traded at $1,241. Silver at $16.26.
NEWS SUMMARY: Precious metal prices rose Tuesday on safe-haven buying and a weaker dollar. U.S. stocks traded mostly lower amid political gridlock on healthcare reform.
Gold price rises to two-week high as dollar slides -Reuters
"Gold prices hit a two-week high on Tuesday as the dollar fell on fading prospects of an imminent increase in U.S. interest rates and expectations of stronger demand from the physical market. 'We see gold averaging around $1,300 over the third quarter,' said ING commodities strategist Warren Patterson....Weighing on the dollar is the collapse of U.S. President Donald Trump's efforts to deliver a new healthcare bill in a market deeply worried by the pace of America's economic growth....'It pushes out the rest of the agenda. It’s hard to do a tax reform in the style that it was campaigned on,' said Art Hogan, chief market strategist at Wunderlich Securities in New York. 'The healthcare hurdle pushes everything in Trump’s agenda to 2018.'"
Netflix stock rockets on strong subscriber growth - FoxNews
Swiss America chairman Craig R. Smith joined a panel discussion with Fox News host Neil Cavuto to react to Netflix's huge rise in subscribers, sending the stock price up 9% and bringing Netflix's year-over-year growth to 64%. But is this growth sustainable? Watch now.
U.S. stock market will likely top out in the next three weeks -Marketwatch
"Investors have been expecting the U.S. stock market to crash for years....At the end of the past week, I have begun to hear people talking about how the market is about to 'take off' again in a big way. However, I was looking for the market to do just that in early 2016, and we are now approaching the topping target we set for this segment of the rally we expected back in early 2016. In fact, for those viewing my charts during that time, you would know the chart had a blue box target between 2,487 and 2,564 on the S&P 500 since last year for this segment of the rally. At this point, it looks like we may only attain the lower end of that target region....Moreover, Luke Miller, who runs one of our proprietary timing models at Elliottwavetrader.net, notes that there is a potential timing target around Aug. 9 that can mark a larger-degree top in the market."
Why don’t millennials like capitalism? Blame parents. Blame schools. Blame Obama. -TheState
"As a society, we have done millennials a disservice. An entire generation of young people in America came of age during a decade of sluggish economic growth, and as a result, many are skeptical of free enterprise and capitalism. A stunning 2016 Harvard University survey of young adults between the ages of 18 and 29 found that 51 percent of respondents do not support capitalism....President Obama told impressionable young voters if only the rich paid more taxes, everyone would be better off. But Obama’s tax and spend policies produced a predictably stagnant economy that stifled economic opportunity for young people....The Left preached that everyone has a 'right' to free child care, free health care, a free college education and a roof over their head. And that the State will provide no matter what, so there’s no need to save, no need to work hard or pay your mortgage or student loans....This is also the first generation raised by 'helicopter parents,' who did their part, however well- intentioned, to undermine personal responsibility....Then they went off to a higher educational system that produces an oversupply of the white-collar soft-science and humanities majors, many of whom have no marketable skills....But capitalism and free enterprise, not socialism and welfare, have proven to be the key to prosperity and to reducing global poverty and inequality."
To see older blog posts CLICK HERE