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 to the show, it’s Monday and I thank you for taking the time to listen in. The news just keeps getting crazier and crazier. Even I’m having trouble believing everything that’s unfolding. I come across so much information, some of which would just blow your mind but I don’t cover it in this show because it just doesn’t fit the format for the SilverTowne Vault Cast. I do however encourage you to research what’s going on in the world and especially in here in the USA.
Today we have some more thoughts from Peter Schiff. I would really like to interview this guy. I think it would be awesome. I might try and contact him and see if he would come on the show and talk about precious metals. Canada wants to be the next Cyprus and Texas wants it’s gold back from the Federal Reserve. You can’t make this stuff up my friends. Truth is stranger then fiction.
Now let’s take a look at today's precious metals pricing.
Gold - $1598.31 Up $2.01
Silver - $28.05 Down $.29
Platinum - $1576.00 Up $10.00
Palladium - $770.25 Up $.75
Peter Schiff: ‘The dollar is going to collapse if Bernanke doesn’t reverse course’
Peter Schiff, CEO of Euro Pacific Capital, lambasted the Federal Reserve on Monday and said that the United States dollar is going to collapse unless Fed Chairman Ben Bernanke stops stimulating the economy and inflating the money supply.
“The dollar is going to collapse if [Fed Chairman] Ben Bernanke doesn’t reverse course,” Schiff said in an interview with Yahoo! Finance. “And if he does, the whole phony economy that has been built on the foundation of stimulus is going to collapse as well.”
During a policy meeting last week, the Federal Reserve confirmed that quantitative easing will persist and didn’t provide any hints as to when it will end – Bernanke has consistently stated that it’s an indefinite policy.
“Ben Bernanke believes that somehow he can withdraw the stimulus and the economy will keep on expanding. It’s impossible because we have an economy that’s of stimulus, by stimulus and for stimulus,” explained the 2010 Republican Senate candidate.
Although the U.S. dollar has gained against other currencies within the past year, Schiff believes that eventually investors will get wise to the Fed’s disastrous policies and get out of the greenback immediately.
“People are going to realize, or call the Fed’s bluff, that our economy is stimulus-based,” stated Schiff. “There is not a real exit strategy. The Fed is going to print money indefinitely.” Read More...
Canada’s 2013 Budget Promises To Confiscate Part Of Customer Bank Accounts Of Any Major Troubled Canadian Bank
Are you one of the people who still have funds in a Canadian bank account? Many Michigan residents, where I live, have such accounts because of the proximity of the Canadian border.
Well, if you are unlucky enough to be one of them, make sure you understand what is included in the Canadian government’s 2013 budget.
Pay attention to the fine print. On page 144 it reads, “The Government also recognizes the need to manage the risks associated with systemically important banks—those banks whose distress or failure could cause a disruption to the financial system and, in turn, negative impacts on the economy. This requires strong prudential oversight and a robust set of options for resolving these institutions without the use of taxpayer funds, in the unlikely event that one becomes non-viable.”
It gets worse on page 145, where it reads, “The Government proposes to implement a bail-in regime for systemically important banks. This regime will be designed to ensure that, in the unlikely event that a systemically important bank depletes its capital, the bank can be recapitalized and returned to viability through the very rapid conversion of certain bank liabilities into regulatory capital.”
The English translation of quote “the very rapid conversion of certain bank liabilities into regulatory capital” unquote means that if any major Canadian bank is failing it will take funds out of its customers’ checking and savings accounts and use those funds to bail out the shareholders of the bank. Read More...
Why Texas wants its gold back from the Federal Reserve
Gov. Rick Perry tells Glenn Beck he wants the state's $1 billion in gold bars on Texas soil
Texas wants its gold back — all $1 billion of it. That's what Gov. Rick Perry told Glenn Beck on his radio show last week, according to theTexas Tribune.
The Federal Reserve holds the gold bars, which are owned by the University of Texas Investment Management Company. Perry wants to bring them all back to Texas to store the gold in what would be called the Texas Bullion Depository.
Former Rep. Ron Paul (R-Texas), a stalwart gold standard proponent, supports Perry's proposal. But Texas state representative Giovanni Capriglione, who wrote legislation to fulfill Perry's wishes, wants to distance the move from that kind of rhetoric, telling the Texas Tribune that the measure is "not about putting Texas on its own gold standard." He says, instead, that it looks to "give the state a reputation as being more financially secure in the event of a national or international financial crisis."
But what's so bad about keeping the gold in the Federal Reserve's vault in New York City? If there were a serious spike in inflation (a big worry of gold standard supporters), there would be nothing to stop Texas from accessing its store of gold in Manhattan. And taking the gold to Texas would likely be more problematic than helpful. As Neil Irwin of the The Washington Post notes, building, staffing, and securing the proposed Texas Bullion Depository would be incredibly expensive.
In some episode of hyperinflation and U.S. government collapse, as the nation falls into a Hobbesian state of nature, paper dollars will be no good, but gold would likely be the medium of exchange for buying food and guns and whatever else is needed for Texas to prosper amid the post-apocalyptic hellscape.
Another reason — other than the one put forth by Capriglione — that a state might want to keep $1 billion of gold handy is if it were planning to secede. Texas has already tried to break away from the Union twice — in 1836 and 1865 — and more than 100,000 Texans signed an online petition earlier this year asking the White House to allow the state to secede. 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.
