My name is Shawn Ozbun, and our goal is to keep you up to date with what’s going on in the world of Gold and Silver by providing you with current news and precious metals pricing.
The Silvertowne Vault Cast is brought to you by www.Silvertowne.com
Thanks for joining me again for the SilverTowne Vault Cast! Just a reminder, the Thursday edition of the vault cast will be moved to Friday because of Thanksgiving and I wish you and your family a happy Thanksgiving holiday. Today we are going to be talking about the worst economic numbers in more then a year, gold may pass $2,000 and we are going to be asking the question are we to far gone?
Before we get started I wanted to remind you to take a few minutes and leave us some feedback, you can do that from our YouTube channel or from the iTunes store. You may also email me some feedback at vaultcast@silvertowne.com
Now lets go ahead and get into today's precious metals pricing!
Gold - $1724.19 Up 10.95
Silver - $32.66 Up .41 cents
Platinum - $1557.00 Up 2.00
Palladium - $628.00 Up 8.92
Financial News:
The Worst Economic Numbers In More Than A Year
With everything else that is going on in the world, a lot of people have failed to notice that we are seeing some of the worst economic numbers that we have seen in more than a year. For example, it was announced on Thursday that initial claims for unemployment benefits have hit their highest level in a year and a half. Hopefully this is just a temporary blip in the data, because initial unemployment claims tend to have a very strong correlation with the overall performance of the economy. We also continue to see poverty statistics rise. According to government statistics released earlier this month, the number of Americans living in poverty and the number of Americans on food stamps are both at all-time record highs. Meanwhile, the Dow and the S&P 500 are both down more than 5 percent since the election and the U.S. government rolled up 22 billion dollars more debt in October 2012 than it did in October 2011. The unfortunate truth is that things are not getting better. The U.S. economy continues to become weaker and more unstable, and there are a whole lot of reasons to be very pessimistic about our economic situation as we move into the winter months.
Things In Europe Are Getting Worse Too
In case you had not noticed, the economic situation in Europe continues to unravel as well. The eurozone is officially in a recession once again, and unemployment in the eurozone is at an all-time record high. Violent protests and rioting happen on an almost daily basis over in Europe now. The largest economy on the planet continues to implode right in front of our eyes, and this is another factor that will continue to drag down the U.S. economy.
So is there anyone out there that actually still believes that things are "getting better"?
The brief period of economic stability that we have been experiencing is rapidly coming to an end. The "recovery" turned out to be extremely disappointing, and now the next major downturn is almost here. Read More...
Gold May Pass $2,000, But Consumers Warned Against Scams
As more business leaders express concern over the possibility of a year-end fiscal cliff, safe haven investments like gold appear more enticing. But experts also warn against jumping into the gold rush.
Raymond Key, head of metals trading at Deutsche Bank, told Bloomberg News this week he expects gold to surpass $2,000 an ounce next year.
The price of gold is currently around $1,700 an ounce in futures trading, down from previous highs of $1,900, not adjusted for inflation.
Peter Schiff, CEO of Euro Pacific Precious Metals in New York, said gold could rise even further.
"I think the price of gold is going to go a lot higher than $2,000," Schiff said.
Schiff said the reason why the price isn't higher than $2,000 now is that many people don't have a full grasp of the country's current economic challenges.
"People don't understand the real situation the U.S. is in or the global economy," he said.
Schiff, author of "Crash Proof 2.0: How to Profit from the Economic Collapse," was referring to worries about inflation and the fiscal cliff, a package of tax increases and spending cuts that are expected to take place in January unless Congress agrees on a budget before then.
Many reports show that most taxpayers will have higher tax rates next year, including payroll taxes and taxes for high earners, if the federal fails to reach an agreement that would avoid the fiscal cliff.
However, even if the fiscal cliff is avoided, there are other concerns. Schiff fears inflation is devaluing the U.S. dollar because the Federal Reserve is preserving near-zero interest rates through mid-2015 in the hope of stimulating the economy, especially the country's struggling labor market.
"You can own dollars and watch your savings evaporate," he said. "The alternative is to own gold." Read More...
Ron Paul: United States is ‘so far gone, we’re over the cliff’
The United States economy is “so far gone” and is “over the fiscal cliff,” at least according to retiring Texas Republican Congressman and three-time presidential candidate Ron Paul, who has warned about the impending fiscal doom.
In an interview with Bloomberg Television, Dr. Paul explained that as the White House and Congressional lawmakers lay out their positions on a potential budget deal, the national economy has already headed off the fiscal cliff.
“We cannot get enough people in Congress in the next 5-10 years who will do the wise things. We have to prepare for having already fallen off the fiscal cliff,” stated the promoter of Austrian School Economic thought and staunch critic of the Federal Reserve.
Paul added that politicians are only discussing what they’re going to protect in the budget rather than taking a serious approach to making across-the-board cuts. He noted that no one in Washington wants to admit that the country is broke.
The fiscal cliff that Paul and others are talking about is the $20.3 trillion national debt that the president is slated to leave the U.S. in 2016, the trillion-dollar budget deficit, the $121 trillion in unfunded liabilities and expenditures and the near $4 trillion in total interest.
Paul’s comments come as the Congressional Budget Office (CBO) issued two reports that offer a bleak forecast: no matter what Congress does, the economy will still remain sluggish with high unemployment figures and weak economic growth.
It is expected that as of Jan. 1, 90 percent of American households will experience significant tax increases because many tax cuts expire – spending cuts are also scheduled to take place. However, the CBO noted that canceling the tax increases and spending cuts will add to the deficits. Read More...
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For the best source for acquiring gold and silver please contact Silvertowne at 1-877-477- coin, that’s 1-877-477-2646 or you can visit us at www.silvertowne.com. Silvertowne has been a trusted precious metals and numismatics dealer since 1949.
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[Disclaimer] Shawn Ozbun is not a licensed financial adviser, there is risk associated with all investment including gold and silver. You should seek advise from a licensed financial expert before making a purchase.
