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
It’s Monday morning and thank you for joining me for another episode of the SilverTowne Vault Cast. Today we are going to talk about some good news! I know, it’s hard to believe. Well I have one article that I consider good news. We are going to talk about what the State of Arizona is doing and we are going to talk more about Cyprus.
Now let’s take a look at today's precious metals pricing.
Gold - $1594.81 down $14.04
Silver - $28.67 down $.05
Platinum - $1575.00 down $3.00
Palladium - $760.96 Up $3.98
Arizona One Step Closer to Using Gold Bullion as Currency
On Monday, an Arizona House of Representatives committee took its most serious step yet to prevent the state from descending into a post-apocalyptic Thunderdome—it passed legislation too allow gold and silver bullion to be used in private transactions and tax payments. PerBloomberg Businessweek:
These doomsayers are pushing forward legislation that would declare privately minted gold and silver coins legal tender, no different under state law than the U.S. dollar printed by the federal Department of Treasury.
The measure is Arizona's latest jab at the federal government, which prohibits states from minting their own money. It also reflects a growing distrust of government-backed money.
"The public sees the value in it," said Republican Rep. Steve Smith, of Maricopa. "This is the type of currency we have had over the history of mankind." Read More...
Mass Panic In Cyprus: The Banks Are Collapsing And ATMs Are Running Out Of Money
European officials are openly admitting that the two largest banks in Cyprus are "insolvent", and it is now being reported that Cyprus Popular Bank only has "enough liquidity to cover the next few hours". Of course all banks in Cyprus are officially closed until Tuesday at the earliest, but there have been long lines at ATMs all over Cyprus as people scramble to get whatever money they can out of the banks. Unfortunately, some ATMs appear to be "malfunctioning" and others appear to have already run out of cash.
Some businesses are now even refusing to take credit card payments. This is creating an atmosphere of panic on the streets of Cyprus. Meanwhile, the EU is holding a gun to the head of the Cyprus financial system. Either Cyprus meets EU demands by Monday, or liquidity for the banks will be totally cut off and Cyprus will be forced out of the euro. It is being reported that European officials believe that the "economy is going to tank in Cyprus no matter what", and that it would be okay to let the financial system of Cyprus crash and burn if politicians in Cyprus are not willing to do what they have been ordered to do. Apparently European officials are very confident that the situation in Cyprus can be contained and that it will not spread to other European nations.
Unfortunately, European officials are losing sight of the bigger picture. If the largest banks in Cyprus are allowed to fail, it will be another "Lehman Brothers moment". The faith that people have in banks all over Europe will be called into question, and everyone will be wondering what major European banks will be allowed to fail next. Read More...
Ron Paul says "Gold Is The Ultimate Money"
The mooted savings levy in Cyprus is a form of wealth confiscation on behalf of the EU which is making depositors throughout the Union nervous. There has been no dramatic increase in the demand for gold in recent days. However, this could be a ‘tipping point’ moment when savers realize that they are unsecured creditors of banks and their savings are not sacrosanct.
Dr. Ron Paul was interviewed by Fox after the U.S. Federal Reserve confirmed it will continue its QE program highlights the importance of gold as money.
On July 13, 2011, when Dr. Paul was a U.S. Congressman he asked U.S. Fed Chairman, Ben Bernanke, "Do you think gold is money?" and Bernanke replied, "No, it’s a precious metal."
Dr. Paul countered, “Even though it’s been used for 6,000 years?” But Bernanke denied gold was money and said, “No, it's an asset. Just like T-Bill's are not money.”
The Fox News interviewer then commented, “Cyprus has taught us that governments can confiscate money that you've earned or even paid taxes on. Rampant quantitative easing and price fixing by governments may prop up the stock markets but it doesn’t keep unemployment down. The U.S. Fed is going to continue its QE program which is good for gold.”
If you think about refugees fleeing their country for safety do you think they use a government’s paper currency to help get them out? No it is money like gold that is used to help buy their freedom.
Dr. Ron Paul continues to believe that once the government destroys its currency it has to turn back to something it believes in like gold. Therefore, Dr. Ron Paul feels a gold backed currency will be used in our economy again. 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.
