The Silvertowne Vault Cast is brought to you by Silvertowne.com
It’s Thursday and welcome back to the SilverTowne Vault Cast. I am your host Shawn Ozbun.
Yep you heard the title right. Arizona’s bill to make gold and silver a legal tender has been vetoed by the Governor. Very upsetting to me and I will be going over that with you today. We are also going to be talking more about the demand, supply and manipulation of Gold and Silver.
Before I get into all of that, let’s have a look at today’s precious metals pricing.
Gold – $1465.00 Down $ 8.97
Silver – $23.97 Up $0.05
Platinum- $1504.00 Up $6.00
Palladium- $695.00 Up $3.95
Protect Your Gold and Silver Bullion in a World of Paper Theft
Hopefully all this demand and buying of physical metals has put a bottom in the price of gold and silver. There is a lot of controversy on whether or not bullion banks control or manipulate the price of precious metals.
Of course this is something we will never truly know because there is very little transparency in the gold market. If they do manipulate the price to their advantage, maybe the bullion banks will now get the hint that if they slam the gold and silver prices down, demand for physical will only pick up.
I am sure their motive was to break support and run the stops, thus creating the psychology to stay away from gold as a safe haven. For now, maybe they feel comfortable knowing they won this round in the paper market, but the game of ownership for physical is far from over.
It seems like the demand for the physical will only grow from here if prices continue to drop. This gives me hope that maybe the worst is behind us in lower precious metals prices—let’s hope so. Read More...
China Gold Mania - Coins, Bars and Jewelry Sales Surge 108%
Gold fell $17.30 or 1.17% yesterday to $1,458.70/oz and silver slid to $23.24 and finished down 2.60%.
Gold remains under pressure despite very robust demand and anemic supply globally.
This suggests that speculators in the futures market continue to hold the upper hand. While this may continue in the short term and lead to further short term weakness in the price, the long term supply demand fundamentals will almost certainly lead to higher prices. We continue to believe gold will surpass its real inflation adjusted high of $2,400/oz in the coming years.
The U.S. Federal Reserve's decision to maintain its loose monetary policy will support gold as the Fed's money-printing to buy assets will stoke inflation – it is not a question of if, rather when.
Hong Kong retailers report they were swamped over the three-day May Day holiday by tens of thousands of mainlanders in search of one thing: cheap gold.
There were long queues outside many shops and the China Gold Association reported that gold sales had tripled on many days.
Investors are now waiting for the US non-farm payrolls report for April scheduled for release on Friday. Given the US economy is weakening, the number is likely to come in weaker than expected which should lead to safe haven demand for gold. Read More...
Arizona governor vetoes bill making gold, silver legal tender
Arizona Governor Jan Brewer vetoed a measure on Thursday that would have made gold and silver legal tender in the state, saying the legislation could have resulted in lost tax revenue.
The Republican-controlled state legislature voted through the measure last month in a response to what backers said was a lack of confidence in the international monetary system.
The bill called for Arizona to make gold and silver coins and bullion legal tender beginning in mid-2014, joining existing U.S. currency issued by the federal government.
"While I believe the concern over a devalued dollar as a result of an unsustainable federal deficit is justified, I am unable to support this legislation," Brewer, a Republican, said in an open letter to state Senate President Andy Biggs.
Brewer noted that the "administrative and fiscal burdens" for taxpayers and the revenue department "remain vague." She also cited uncertainty over whether the legislation would have required the state to exempt transactions involving collectable coins and bills that were authorized by Congress and could be used as legal tender. 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.
