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 talk about the 2013 American Eagle gold and silver coin surge, more economic collapse news, and yes even more about this trillion-dollar platinum coin conversation.
Before I get into those topics today I want to thank all of you for leaving comments, sending me messages and asking questions. I really enjoy getting your feedback.
One person asked why I didn’t read all the statistics from Thursday show about the Euro collapse. The reason I don’t always read all the stats or cover the entire article is mostly because of time. It’s a lot of information to get through and I want to try and keep the show around 15 minutes or less.
The reason I have chosen that length is simply because I want to make the show a reasonable length that all the listeners can find time to consume it. If I made the show 30 minutes or an hour, which I could easily do then a lot of listeners wouldn’t be able to or wouldn’t have time to listen to it. So that’s why it’s only 15 minutes. I think that two 15 minute shows works better for most then just one long show. I am very open to your feedback on this. If enough people wanted a longer show then that would be something I could review and consider.
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Now lets get into today's precious metals pricing!
Gold - $1670.89 Up $8.77
Silver - $30.84 Up $0.41
Platinum - $1654.50 Up $28.00
Palladium - $703.00 Up $5.26
Financial News:
US Mint Sales: 2013 American Eagle Gold and Silver Coins Surge
Buying activity increased for a variety of United States Mint products — bullion and numismatic, new sales figures from the bureau show.
2013-dated American Eagles ignited demand for bullion gold and silver coins and 99 numismatic products notched higher week-over-week sales compared to the 21 noted in last week’s sales report.
In American Eagle bullion products, the U.S. Mint began accepting orders for newly dated gold coins on Jan. 2 and then on Jan. 7 for 2013 silver coins. January sales of bullion Gold Eagles currently totals 73,000 ounces, topping nine different months in 2012. January sales of bullion Silver Eagles at 4,287,000 already ranks as the fourth highest month in the silver coin’s 27-year history. Read More...
Is an economic collapse in our future?
Is a double dip recession preferable to a catastrophic U.S. economic collapse? The syndicated columnist, David Brooks thinks it is and he outlines what he believes to be the real fiscal problem facing our nation in the form of a fiscal sinkhole in his Dec. 31 article.
The financial concept is simple. When you and your family live today on your credit cards or in the case of the United States government live on China’s credit card, there will come a day of fiscal reckoning. Brooks says that the country either doesn’t know or doesn’t care about the future tax burdens we as a nation are placing on our children.
In 1965 the national debt as a percentage of Gross Domestic Product was 38 percent. Today the national debt as a percentage of GDP is 74 percent and climbing. To get this raising national debt under control, the International Monetary Fund said in a recent report that the United States’ long-term debt obligations will “require an immediate and permanent 35 percent increase in all taxes for all taxpayers, and a 35 percent cut in all benefits.”
For every dollar in benefits Americans are receiving today, we’re only paying .60 cents in taxes to cover the costs, and we’re borrowing the other .40 cents from China and others. If the American dollar were not the world’s trade currency, we wouldn’t be able to borrow the money. If the U.S. dollar wasn’t the world’s trading currency, we would be in the same financial position as Portugal, Spain, and eventually Greece are today. Some argue we’ll never lose that position of world trust, but there are signs it could happen as China, Japan, Brazil, Europe and other countries are increasingly becoming unhappy with our weakening dollar, relative to their own currencies.
With the recent “fiscal cliff” deal, we now know that the president and the majority of our Congressional representatives, both Democrat and Republican, have failed to heed this warning and failed to address the looming U.S. financial collapse that will follow. Taxing the rich won’t get the job done! Read More...
Put Away Your Wand, Platinum Coins Aren't Magic
One barrier to acceptance of the platinum coin strategy to avoid the debt ceiling is that most observers are overstating its bizarreness. In particular, numerous media outlets have beendescribing the coin as "magic." But there would be nothing magic about minting one or many large-denomination platinum coins -- it would just be another way of printing money.
Under this strategy, the government would pay its bills by printing money instead of borrowing it. That's it. It's not magic or even all that novel. Indeed, we should probably give this option a more dignified name -- I propose "The Seigniorage Option" -- to de-emphasize questions like whose face will go on the coins.
Remember, we are only even talking about using platinum because that happens to be required by the federal law that authorizes the Treasury secretary to issue money in unlimited denominations and quantities. Sending a trillion dollar coin to the Federal Reserve and sending a trillion dollars in newly-printed $100 bills would have exactly the same economic effect -- it's just that only one of these options is legal.
Of course, financing government through seigniorage is usually a sign of severe distress -- governments do it because they lack the economic capacity to tax or borrow. But in our case, the barriers to taxing and borrowing are purely legal, not economic. The Federal Reserve can even be expected to demonstrate the government's ability to borrow by selling Treasury securities to offset Treasury's coin-financed expenditures. So, even as Treasury prints money, the markets can be expected to treat the government's actions like borrowing. We can debate the merits of this strategy (I think they are excellent, compared to the alternatives), but there's nothing "magic" about it. Read More...
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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.
