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It’s Thursday and welcome back to the SilverTowne Vault Cast. I am your host Shawn Ozbun.
Today on the show we are going to talk about the black hole that is our economy. We are going to talk about gold as an insurance policy and a giant gold theft in Miami.
Before I get into all of that, let’s have a look at today’s precious metals pricing.
Gold – $1388.11 Up $ 18.00
Silver – $22.45 Up $.16
Platinum- $1456.00 Down $8.50
Palladium- $732.00 Down $9.00
Gold Is Still Relevant as Insurance Policy, Franklin’s Land Says
At a time when gold is in a bear market amid record outflows from investor holdings, bullion remains relevant in portfolios as inflation may accelerate, the U.S. dollar weaken and global economic growth stall, according to Franklin Templeton Investments.
“As part of an overall diversified portfolio, gold does serve a role because some of these things are still real risks as we look forward over the next 12 months,” said Steve Land, lead portfolio manager at the firm’sFranklin Gold and Precious Metals Fund (FKRCX), which has over $1.34 billion in assets under management. He spoke by phone from San Mateo, California.
“I’ve been very encouraged by the very significant uptick in demand from coins and jewelry,” said Land. “People still believe in gold, they still want it. The next time around when investment interest comes back to the sector, it’s going to be that much harder to price that gold out of people’s hands and recreate some of those bars to fill the ETF vaults with.” Read More...
Going To Become An Economic Black Hole
What is going to happen when the greatest economic bubble in the history of the world pops? The mainstream media never talks about that. They are much too busy covering the latest dogfights in Washington and what Justin Bieber has been up to. And most Americans seem to think that if the Dow keeps setting new all-time highs that everything must be okay. Sadly, that is not the case at all. Right now, the U.S. economy is exhibiting all of the classic symptoms of a bubble economy.
You can see this when you step back and take a longer-term view of things. Over the past decade, we have added more than 10 trillion dollars to the national debt. But most Americans have shown very little concern as the balance on our national credit card has soared from 6 trillion dollars to nearly 17 trillion dollars. Meanwhile, Wall Street has been transformed into the biggest casino on the planet, and much of the new money that the Federal Reserve has been recklessly printing up has gone into stocks.
But the Dow does not keep setting new records because the underlying economic fundamentals are good. Rather, the reckless euphoria that we are seeing in the financial markets right now reminds me very much of 1929. Margin debt is absolutely soaring, and every time that happens a crash rapidly follows. But this time when a crash happens it could very well be unlike anything that we have ever seen before. The top 25 U.S. banks have more than 212 trillion dollars of exposure to derivatives combined, and when that house of cards comes crashing down there is no way that anyone will be able to prop it back up. After all, U.S. GDP for an entire year is only a bit more than 15 trillion dollars. Read More...
Gold shipment valued at $625,000 vanishes from Miami airport
A shipment of gold valued at $625,000 vanished in a suspected heist after arriving in Miami on an American Airlines flight, authorities announced Thursday.
A police report says the gold, which arrived in a box, was brought on the flight from Guayaquil, Ecuador to the Miami International Airport early Tuesday, WSVN reports.
The plane's cargo was unloaded by five crew members, but the box containing the gold disappeared after apparently being loaded onto a motorized luggage cart or tug, the report said.
The cart was found in front of a gate of the same terminal were the flight from Ecuador was unloaded, about an hour after workers emptied the cargo hold, but without the box containing the gold.
The police incident report did not say who owned the gold or what its final destination was and an American Airlines security official at the airport declined to comment to Reuters on the case, saying only that it was being investigated by the FBI. Read More...
Coin pricing: Always a mystery
When it comes to confusing coin pricing, April was in like a lion and out like a lamb. It was a month that produced the good, the bad and the downright ugly.
Perhaps the biggest steal of the month, maybe the biggest steal of the year, was the astute buyer who snatched a copy of the King of VAMs at the Heritage Auction. The 1878-P VAM 44 in a PCGS AU55 holder went for $3,682. Pricing history and the 2013 VAMview Retail Price Guide lists the coin at $10,000.
“I didn?t need it, but I couldn?t pass it up,” the new owner said.
Another steal was another Heritage listing. A buyer grabbed an 1878-P VAM 40 in an ANACS MS64 DMPL holder for $1,410. The expected price for that coin in that grade should have been $6,000.
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.
