America Is Going Broke… and Nobody Cares

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Last week, the plot did not so much thicken as congeal.

There’s no changing it now — the cameras are rolling… the costumes are on… and everyone knows his lines.

President Trump went further in becoming the first president independent of either major political party in American history.

After having sided with the Democrats on the debt ceiling, he went back to the swamp to resolve the “Dreamer” issue — the 800,000 children who arrived in the U.S. as undocumented migrants and were allowed to temporarily stay legally in the country.

Then, over the weekend, it was reported that the administration wanted to get back on the Paris climate change agreement bandwagon.

The White House denies it, but it’s now clear that Mr. Trump aims to be a whole lot less disruptive than he promised to be.

And now, with the floodgates open, the U.S. national debt has surged over $20 trillion.

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//dailyreckoning.com/america-going-broke-nobody-cares/

 

The Golden Solution to America’s Debt Crisis

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Right now, the United States is officially $20 trillion in debt. Over half of that $20 trillion was added over the past decade.

And it looks like annual deficits will be at the trillion dollar level sooner than later when projected spending is factored in.

Basically, the United States is going broke.

I don’t say that to be hyperbolic. I’m not looking to scare people or attract attention to myself. It’s just an honest assessment, based on the numbers.

Now, a $20 trillion debt would be fine if we had a $50 trillion economy.

The debt-to-GDP ratio in that example would be 40%. But we don’t have a $50 trillion economy. We have about a $19 trillion economy, which means our debt is bigger than our economy.

When is the debt-to-GDP ratio too high? When does a country reach the point that it either turns things around or ends up like Greece?

 

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//dailyreckoning.com/golden-solution-americas-debt-crisis/

Gold And The Coming Collapse: Are We Close To A Major Monetary Event?

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It really should be clear that a major international banking crisis is inevitable, and likely to occur fairly soon. Due to the extreme debt levels, many banks are close to that point of failure.

An event like a stock market crash is likely to push many banks to that point of failure, since the pressure it would create (on cash resources), would expose their inability to fulfill their obligations.

Cash (not bank credits/digits) is still the means by which banks have to settle liabilities and obligations (especially amongst each other). If a bank goes down, it will be due to the lack of cash (not bank credits/digits). It is for this reason that there is a campaign to ban cash (for the general public) or limit the use of it.

The banks are in competition for the available cash resources, and they do not want you to be an obstacle. This is similar to what happened during the Great Depression (1933) when gold was confiscated. Then, banks proved their solvency with gold; therefore, the general public was prevented from competing for the limited amount of gold resources.

It is for this reason that I believe it is very unlikely that gold would be confiscated during this crisis. Today, it is cash that is the cornerstone of the banking system (especially the US dollar), since it is cash that is promised, not gold.

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//hubertmoolman.wordpress.com/2017/09/10/gold-and-the-coming-collapse-are-we-close-to-a-major-monetary-event/

This Is The Dollar’s Worst Year Since The Plaza Accord

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Entering 2017, the USD had been up four years running on a broad trade-weighted basis with 8.6% gains in 2014, 10.7% appreciation in 2015 and a more modest 3.0% move in 2016.

That last year was a less dramatic move, but from May 2nd lows to the 15+ year peak on January 7th, the buck was up almost 9.3% or 14.5% at an annual pace.

Unfortunately for greenback bulls, things have gone wildly off-script since.

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http://www.zerohedge.com/print/603270

It’s Official: Debt Tops $20 Trillion for First Time; Jumps $317,645,000,000 in 1 Day

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(CNSNews.com) – The federal debt officially surpassed $20 trillion for the first time on Friday, as the debt subject to the legal limit set by Congress jumped $317,645,000,000 in one day–following President Donald Trump’s signing of a spending-and-debt-limit deal that will fund the government through Dec. 8.

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//www.cnsnews.com/news/article/terence-p-jeffrey/debt-tops-20-trillion-first-time-jumps-317645000000-1-day

Silver Market Update

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The long base pattern in silver continues with positive price / volume action of recent weeks suggesting that it is approaching completion. On its 10-year chart we can see the giant Head-and-Shoulders bottom pattern that has formed in silver, which parallels the one in gold, but is downsloping because silver tends to underperform gold at the end of bearmarkets and early in bullmarkets. The volume buildup of recent months is bullish, especially as it has driven volume indicators sharply higher, with the On-balance Volume line having rather incredibly made new highs this year, which is viewed as a very bullish omen.

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//www.clivemaund.com/article.php?id=67

Gold close to one-year highs due to tension with North Korean

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Gold bars are seen at the Kazakhstan's National Bank vault in Almaty, Kazakhstan. File Picture: REUTERS/MARIYA GORDEYEVA

Gold bars are seen at the Kazakhstan’s National Bank vault in Almaty, Kazakhstan. File Picture: REUTERS/MARIYA GORDEYEVA

London — Gold rose towards one-year highs on Wednesday, boosted by tensions on the Korean peninsula and a lower dollar due to growing expectations that the US Federal Reserve will delay rate rises.

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//www.businesslive.co.za/bd/markets/2017-09-06-gold-close-to-one-year-highs-due-to-tension-with-north-korean/

Gold Prices Continue To Demonstrate Resilience, Dollar Recovery Erases Gains

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A post-NFP dollar recovery and robust ISM manufacturing reading eroded gold support, although there was still an important element of resilience.

Gold prices continued to make headway in US trading on Thursday as the US currency lost ground.

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http://www.economiccalendar.com/2017/09/01/gold-prices-continue-to-demonstrate-resilience-dollar-recovery-erases-gains/