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.
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Lets take a quick look at the precious metals pricing.
Gold - $1319.15 Down $7.29
Silver - $22.05 Down $0.17
Platinum - $1448.50 Down $5.00
Palladium - $711.50 Up $9.50
Weekly News Wrap-Up 9.13.13
There is the debt ceiling, and if it is not lifted, we could default on our massive debt. This all has to be done in the next few weeks. A slip-up could cause calamity in the markets. Make no mistake; the U.S. dollar is very vulnerable. We have a $17 trillion deficit and more than $200 trillion in commitments we will never be able to deliver. The world is trying to figure out a way to stop using it in trade. When this happens, Americans will suffer a loss in their standard of living that will be shocking.
Gold took another whacking at the end of this week. I called my friend, Gregory Mannarino of TradersChoice.net, to get his take. He says much of the the price drop can be attributed to people selling out of the ETF GLD, or paper gold; then, turning right around and buying physical metal at a reduced price. Mannarino says that COMEX has the lowest amount of gold for delivery on record. You got to ask yourself, why are so many of the rich gobbling up physical gold? Read More...
They Denied That We Were In A Depression In 1933 And They Are Doing It Again In 2013
The more things change, the more things stay the same. The Great Depression actually started in 1929, but as you will see below, as late as 1933 the Associated Press was still pumping out lots of news stories with optimistic economic headlines and many Americans still did not believe that we were actually in a depression. And of course we are experiencing a very similar thing today. The United States is in the worst financial shape that it has ever been in, our economic infrastructure is being systematically gutted, and poverty isabsolutely exploding. Since the stock market crash of 2008, the Federal Reserve has been wildly printing money and the federal government has been running trillion dollar deficits in a desperate attempt to stabilize things, but in the process they have made our long-term economic problems far worse. It would be hard to overstate how dire our situation is, and yet the mainstream media continues to assure us that everything is just fine and that happy days are here again.
As I have already noted, the mainstream media was doing the exact same thing back during the days of the Great Depression. The following are actual Associated Press headlines from 1933...
"Decisive Break from Panic Shown in Business Figures"
"Markets Spurt To New Highs"
"New Farm Bill to End Depression"
The following are some actual headlines that were found on mainstream news sites today...
CNBC: "Recession risk gone in all US states but 1: Moody's Analytics"
CNN: "Foreclosure crisis is drawing to a close"
NBC News: "Stocks close near highs; S&P logs 7-day rally"
Wow, those headlines sound great!
So are happy days here again?
Not quite.
In fact, things continue to get even worse in a whole host of ways. Just consider the following statistics...
-According to a brand new Gallup poll that was just released, 20.0% of all Americans did not have enough money to buy food that they or their families needed at some point over the past year. That is just under the record of 20.4% that was set back in November 2008.
-Gallup also found that the ability of American families to meet some of their other most basic needs is near an all-time lo
-More than 90 million working age Americans are considered to be "not in the labor force".
-The labor force participation rate is the lowest that it has been in 35 years.
-516,000 Americans "left the labor force" last month. That was a brand new all-time record high.
-The number of private sector jobs dropped by 278,000 last month.
-77 percent of the jobs that have been "created" so far this year have been part-time jobs.
-Approximately one out of every four part-time workers in America is living below the poverty line.
-Right now, 40 percent of all U.S. workers are making less than what a full-time minimum wage worker made back in 1968.
-The U.S. trade deficit with China has hit a brand new record high.
-The U.S. trade deficit with the EU has hit a brand new record high.
-The number of U.S. households on food stamps is at a brand new record high. 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.
