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
Welcome back to the SilverTowne Vault Cast. Today we are going to be covering more articles talking about an incoming economic collapse. There is no shortage of information out there these days about that topic. Seems like more and more people are waking up to this fact. We are going to also talk a little bit about gold and about the situation in Greece.
Before I get into all that information, let me take a minute to remind you that the vault cast can be found on YouTube and in the iTunes store. I would love to hear your feedback and thoughts, and you can subscribe to the Silvertowne vault cast and never miss an episode. You may also email me your feedback or thoughts at vaultcast@silvertowne.com. Today is "Cyber Monday", so I encourage you to check out silvertowne.com and see the "Cyber Monday" special going on today only.
Now lets go ahead and get into today's precious metals pricing!
Gold - $1749.84 down 2.92
Silver - $34.12 up .17
Platinum - 1607.00 down 2.00
Palladium - $657 down 3.22
Financial News
Gold crawls up as Greece inches near deal
Gold ticked up on Friday, on course for a second weekly rise in three, as the euro firmed on news of progress in Greece's bailout talks while concerns about US fiscal issues continued to lend support to bullion.
Greece's lenders have agreed on new measures to cut its debt pile further but it still has to fill a 10 billion euro ($12.9 billion) gap to gain the approval of International Monetary Fund, a senior Greek official said.
The euro rose to a three-week high versus the dollar on the news, while the dollar index was on track for a weekly loss of 0.8 percent, its biggest drop in more than two months.
A weaker greenback makes dollar-priced commodities more affordable for buyers holding other currencies.
Bullion is getting additional support from worries about the U.S. "fiscal cliff" - $600 billion in tax hikes and spending cuts scheduled to kick in early next year, which may push the economy into another recession.
Gold has been stuck in a narrow range around $1,730 an ounce most of this week as investors wait to see if U.S. lawmakers will be able to avert the looming fiscal crisis. Read More..
Federal Reserve to cause economic collapse, not fiscal cliff: Peter Schiff
With much of the general public and mainstream media reporting on the so-called fiscal cliff that is scheduled to occur in the new year whenautomatic spending cuts take place and tax cuts for 90 percent of American households expire, Peter Schiff, President of Euro Pacific Capital, sees Federal Reserve Chairman Ben Bernanke as a much more dire threat.
Speaking on CNBC’s “Futures Now” on Wednesday, the former Republican Connecticut Senate candidate explained if it wasn’t for the Fed’s quantitative easing policies then the United States wouldn’t have had to head off the fiscal cliff and instead eventually a much bigger fiscal cliff.
Although many are concerned over the fiscal cliff, Schiff told viewers that the U.S. needs a much bigger fiscal cliff, which consists of a lot larger cuts to the federal budget instead of cuts to future spending increases.
The author of “The Real Crash” and “Crash Proof” said that a deal will most likely be made because politicians in Washington want to portray themselves as saviors of the masses and not allowing a crash to transpire.
“If we avoid the cliff, that is very bullish for the gold market because that means that trillion dollar-plus deficits will perpetuate, and these big deficits are what’s undermining the dollar because the Fed has to print money to finance them,” said Schiff. “The more money they create to buy up the bonds that nobody wants, the higher the price of gold is going to go.”
“I do believe gold will ultimately eclipse $5,000. I don’t know how high it’s going to go because there’s no ceiling on how low currencies can go. There is no intrinsic value to the dollar, there’s no intrinsic value to any fiat currency. There’s no limit to how much money central banks will print,” added Schiff. Read More...
Heading down road to economic collapse
Our economy is on life support. Our federal debt is presently increasing by $100 billion per month, $3.3 billion per day, or $40,000 per second.
Those figures are astronomical. Yet President Obama recently indicated that he does not consider the burgeoning national debt to be a short-term problem.
Congress is primarily responsible for "managing" the finances of our federal government. It is the largest economic enterprise in the history of the world. They have done so for the past four years without a budget. In a word, that is "mindless
The president and his party prefer a perpetual open-ended line of credit. Congress facilitates this by routinely voting increases in the national debt limit and borrowing more money.
They cannot pay for what they are spending. The simple solution is to cut spending. Congress and the president choose rather to continue or increase spending and pass the debt on to our children, grandchildren, great-grandchildren etc. They have created the largest national debt in the history of the world. Read More...
Now I don’t personally blame or point the finger at any one administration or president or politician or bank for our current situation. It’s a long road and many years of really bad decisions that have gotten us here. At this point, there really is no avoiding a collapse, all we can really do is maybe push it down the road some; however a really bad natural disaster or crisis could force it into being at any moment. Best thing we can do is try to prepare the best we can.
Thanks for listening to the Silvertowne vault cast. You can find our show on YouTube and I would love it if you would subscribe and as always our show can also be found in the iTunes store.
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.
