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 Thursday and I thank you for joining me for another episode of the SilverTowne Vault Cast. Today I’m asking you a question. Is there a new American gold rush taking place? Let me know what you think in the comments. We are going to talk about a new Eagle coin that’s in the works and a little more about Cyprus and that whole fiasco.
Now let’s take a look at today's precious metals pricing.
Gold - $1600.47 down $4.23
Silver - $28.61 down $.02
Platinum - $1576.00 down $2.00
Palladium - $766.00 Up $3.51
Words Of Warning: Get Your Money Out Of European Banks
If you still have money in European banks, you need to get it out. This is particularly true if you have money in southern European banks. As I write this, the final details of the Cyprus bailout are being worked out, but one thing has become abundantly clear: at least some depositors are going to lose a substantial amount of money. Personally, I never dreamed that they would go after private bank accounts in Europe, but now that this precedent has been set it should be apparent to everyone that no bank account will ever be considered 100% safe ever again.
Without trust, a banking system simply cannot function, and right now there are prominent voices on both sides of the Atlantic that are loudly warning that trust in the European banking system has been shattered and that people need to get their money out of those banks as rapidly as they can. Even if you don't end up losing a significant chunk of your money, you could still end up dealing with very serious capital controls that greatly restrict what you are able to do with your money. Just look at what is already happening in Cyprus.
Cash withdrawals through ATMs have now been limited to 100 euros per day, and when the banks finally do reopen there will be strict limits on financial transactions in order to prevent a full-blown bank run. And of course anyone with half a brain will be trying to get as much of their money as they can out of those banks once they do reopen. So the truth is that the problems for Cyprus banks are just beginning.
The size of the "bailout" that will be needed to keep those banks afloat will just keep getting larger and larger the more money that is withdrawn. Cyprus is heading for a complete and total banking meltdown, and because the economy of the island is so dependent on banking that means that the economy of the entire nation is going to collapse. Sadly, similar scenarios will soon start playing out all over Europe. Read More...
Bank of Cyprus chairman abruptly resigns, says government ran roughshod over him
It was reported Tuesday that Antreas Artemis, the chairman of the Bank of Cyprus, abruptly resigned from the island nation’s largest bank. This came after Artemis had a meeting with the Finance Ministry and the head of the central bank.
One of the reasons that Artemis stepped down from his post was because he says the public authorities ran roughshod over him and the board of directors. According to Artemis, they did this by selling off units of the bank in Greece and their plan to hit depositors to pay for losses. Read More...
Americans Start New Gold Rush: CNBC Survey
Gold fever continues to grip the nation. The CNBC All-America Economic Survey finds that Americans once again chose gold as the top investment choice, beating out real estate, stocks, savings accounts and bonds.
The poll of 800 Americans finds that 35 percent picked gold as their best investment choice, down from 37 percent a year ago, but still beating real estate, which was the top pick of 27 percent of the public. That was followed by 21 percent who chose stocks.
A look at who make up the nation's gold bugs shows a distinctive demographic profile, one dominated by concern about the nation's economic outlook. Forty-five percent of Tea Party supporters chose gold, compared with 35 percent of the overall public. And half of those Americans who believe their home values will decline in the coming year think gold is the best investment bet. Read More...
The Coin Analyst: U.S. Mint Creates New Finish for American Silver Eagles
In May or June the U.S. Mint (www.usmint.gov) will begin taking orders for a special two-coin West Point American silver eagle set that will mark the 75th anniversary of the Mint’s facility at West Point.
The set will include two coins that will only be sold in the special set. One will be areverse proof silver eagle, and this will be the fourth time that finish has been used. The fields are frosted and the devices are mirrored instead of the other way around as is the case with proof coins.
The second coin will be what the Mint refers to as an enhanced uncirculated silver eagle, and this will be the first time such a coin is issued and the fifth type of finish used on a silver eagle. The others are uncirculated as used on the bullion coins, proof, reverse proof, and burnished uncirculated. The Mint has not yet decided whether the new finish will be used on future silver eagle coins. Read More..
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.
One of the most common ways to invest in silver is with silver ingot . They are affordable, portable and easy to stack and store. Popular SilverTowne Trademark Silver Bars, featuring a classic prospector and his donkey, are guaranteed .999 fine silver and available in 1, 5 and 10 ounce sizes and SilverTowne is currently offering free shipping for these ingots. Contact Silvertowne today.
[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.
