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.
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Good morning or afternoon and thank you for listening in to the SilverTowne Vault Cast. I can’t believe that we are already in the month of February of 2013.
Today we are covering a lot of information as usual and its not happy news my friends. I’m convinced based of what I’ve been reading over the last month and the studies I’ve looked at that we are in the crunch time of this economic disaster. I honestly believe that this thing is right around the corner. I could be wrong because I’ve been wrong before but I really feel and believe that the collapse is very near.
I’m going to be covering three or four economic articles and then a couple interesting articles that have to do with Gold.
I want to remind you that if you like this show and find it informative and beneficial then please support the show by liking and sharing the videos and your comments are much appreciated as well.
Now lets get into today's precious metals pricing!
Gold - $ 1665.07 Down $ 1.94
Silver - $ 31.57 Down $ .24
Platinum - $ 1694.00 Up $ 15.00
Palladium - $ 751.50 Down $ 1.26
Financial News:
US Dollar Experiencing A Terrible Ten Days
The US Dollar (and, therefore, the US government) has experienced a terrible ten days:
On January 23, the Republican-controlled House of Representatives temporarily suspended the current limit for raising the Federal debt ceiling until May 19. This action was taken after the US government had defaulted on making a required payment to the federal employees retirement pension.
he key words to pay attention to in this announcement are “temporary suspension.” On August 15, 1971, then US President Richard Nixon announced a ‘temporary suspension” of the delivery of US gold to foreign central banks trying to redeem US currency. Forty-two years later, that temporary suspension is still in effect, with no signs of ending.
I am not alone is predicting that the temporary suspension of raising the Federal debt limit will continue to be extended indefinitely. Unfortunately, this suspension gives the US government a green light toward hyperinflation.
For the past several years since the US housing crash hit, politicians in Washington have been trying to claim that private Americans were de-leveraging, which means they were reducing debt levels. The Saint Louis Federal Reserve’s latest report on total private debt in America reveals that it has grown from about $2.2 trillion when the housing crisis hit to almost $2.8 trillion, an increase of more than 25%!
On Tuesday, Zhu Min, the Deputy Directing Manager of the International Monetary Fund (IMF) announced at an economic forum in Hong Kong that China’s yuan renminbi currency is set to become a global reserve currency. For the past several decades, the US dollar has been the lone global reserve currency. I have heard rumors that the Chinese are preparing to formally announce in about 18 months that the yuan renminbi is THE ONLY global reserve currency.
On Wednesday, The Federal Reserve admitted that the US economy had declined in the 4th quarter of 2012, despite the inflated figures used by the Fed to calculate this statistic. This is the first official quarterly decline in the US economy since 2009. Read More...
Worrisome economic news -- U.S. economy contracts
This morning, the U.S. Commerce Department reported that the nation's economy contracted at an annual rate of 0.1 percent in the fourth quarter. The drop of 0.1 percent in the fourth quarter confounds expectations for growth. Potential factors contributing to the slowdown, according to the Associated Press, include large cuts in defense spending, fewer exports and sluggish growth in company stockpiles. Read More...
U.S. job growth in January: more of same
Over the past two years, the U.S. has added an average of 150,000-plus jobs a month. That’s well below the norm at this stage of an economic recovery.
Nor is job creation expected to accelerate sharply in 2013, at least early on, because of higher taxes, slower government spending and sluggish exports. Economists surveyed by MarketWatch predict an increase of 170,000 jobs in January, with unemployment dipping to 7.7% from 7.8%.
“If we get 225,000 this month and that persists, I’d say we were entering a new phase of job creation,” said economist John Canally at LPL Financial. “But at 150,000 or 160,000, I wouldn’t make too much of it.”
Employment growth for the first month of the new year will be issued Friday morning by the Labor Department. The report includes private-sector and government workers.
A separate survey this week produced by the payroll processor ADP said the U.S. gained 192,000 private-sector jobs in January, the highest in nearly a year. Yet ADP doesn’t always match up closely with the government figures, which are seen as more reliable. Read More...
U.S. still headed toward economic collapse as debt to grow 200% of GDP
Following the recent fiscal cliff deal between the Republican leadership and the White House, the United States long-term fiscal outlook still remains troublesome as new analysis suggests the national debt will head toward 200 percent of its GDP.
A report from the Peter G. Peterson Foundation released Tuesday showed that the American Taxpayer Relief Act of 2012 (ATRA) and the debt limit agreement from Summer 2011 only delayed the economic collapse and fiscal crisis by a short period of time. The study said the debt-to-GDP will have severe consequences for the country.
Using data from the Congressional Budget Office (CBO) and the Joint Committee on Taxation (JCT), the foundation discovered ATRA only improved the nation’s fiscal outlook by one year, the budget sequester would not help pay down the national debt and the debt will rise 15 percent over the next 10 years from 72 percent of GDP to 87 percent.
The items of long-term spending are major health (11 percent in 2037), Social Security (six percent in 2037), Defense (four percent in 2037), Nondefense discretionary (3.8 percent in 2037) and other nondiscretionary spending (two percent in 2037). These programs will account for approximately one-quarter of the federal budget in the next two decades.
“Lawmakers and the American people should not be under any false impression that our debt challenges are behind us,” the report stated. “Much more work will be needed to put the federal debt on a sustainable long-term path. Failing to achieve that goal would put the prosperity and economy of the nation at risk.” Read More...
Treasure of gold coins discovered in a French champagne house for sale at Bonhams
A collection of $20 gold coins worth a total of $1m discovered by chance a year ago on the Champagne Lanson Bonnet vineyard in France, will be sold by Bonhams during its June auction of Rare Coins and Medals in Los Angeles. The discovery of these coins in France last February occurred when, according to the vineyard, several of the coins rained down on a worker remodeling a former grape-drying facility. The Collection features 497 gold US coins minted between 1851 and 1928 with an approximate value of $1 million. The coins have been untouched for nearly a century and range in condition from Very Fine to Choice Mint State. It is unknown how the coins found their way to the attic in the eastern village of Les Riceys, France, but the building was owned by a wine producer who traded with the US and England in the 1930s. Read More...
4 arrested for stealing, selling $200K in gold coins from vacant Vt. Home after owner died
Vermont State Police say more than $200,000 in gold coins were stolen from a vacant home after its eccentric owner died in a farm accident last year.
Authorities say four suspects also stole a vehicle, antiques and other items from the home in Alburgh in the months after its owner's death.
Thirty-five-year-old Ricky Benjamin and 52-year-old Mark Mumley, both of Alburgh, and 41-year-old Shawn Farrell, of Swanton, were arraigned and held on $75,000 bail. A fourth suspect was released after being issued a citation.
Police said Thursday the defendants sold coins ranging in value from $350 to $1,800 to coin and jewelry dealers in another county. They allegedly claimed they'd inherited the coins.
Investigators say they've recovered $5,000 in coins so far. More arrests are expected. 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.
