well, I don't think it helps gold or silver at all. Why?
1- in the months running up to this nonsense and drama,,, gold and silver did not run up. That's key because assets always move ahead of an event in most cases. Here we are with the drama and nothing has driven PMs up
2- I think its very telling that gains from the last FOMC meeting have evaporated. Which in turn makes me believe that was just a routine short squeeze
3- Looking at almost a weeks worth of price action, we can conclude that we have a narrow range now which is going sideways.
As I have been stating lately, gold and silver are in no mans land, just tossing around. No one is currently interested in buying these up and breaking the downtrend.... and yet while the short sellers have rejected gold and silver from holding and filling those important gaps, there hasnt been enough push to make these go deeper into their downtrend.
All I see gold and silver to be are broken assets. On shorter time frames there are traders who are finding swing places, so we have traders who are playing this narrow range.
I agree with Basebal, there will be a deal in the end, just how much and how long this fighting goes on and drags out who knows. Which in turn... I think we see this range to continue in gold and silver,, which in turn means, as this price action stays in a range, it will eventually break out, up or down.
"In fairness to them thats not even possible since thats the combined state and federal tax on a gallon in a lot of places." Hey Basebal. Nowhere in the country are combined federal and state taxes over a dollar, not even in Conn. which has the highest state taxes.
But I'll conceed the general point. But the actual cost of obtaining and refining and transporting petroleum products are a lot, lot, less than is generally thought. Remember it wasn't but 3 years ago that Gas hit the low $1.xx, and the Oil Companies were still making a profit. Taxes haven't gone up that much, if at all since then.
RIGHT NOW, in this area we have a very significant Federal Workforce that is being furloughed. I have had more than a few people come in and sell their Gold and Silver to pay the bills.
My heart goes out to them. But I can't help but make the observation that the more the workers make/made the more they spent; and the deeper debt they became. No one understands the concept of Net Worth. It seems we are a society which thinks that Debt is good.
While yes sad for the furlough, it has been but 4 days. Most actually receive paychecks every other week or monthly so is does seem a bit over done. And they will (as in the past) receive the pay. Sad if at such a short period PMs have to be sold
Quote: Nowhere in the country are combined federal and state taxes over a dollar, not even in Conn. which has the highest state taxes.
Yea I should have been more specific, I personally consider the cost to make the 55 different blends they have to have in different part of the country a tax. But youre right the actual tax on it isn't a dollar though it gets close in some places.
I agree too that people under estimate the cost, they just see the profit and forget that its largely in part to just how much they happen to sell. The majority if the cost with it though is the tax, and the markups from changing hands and gas stations ect as opposed to the oil company just saying were selling this for 3 or 4 something.
Right, it has been but 4 days. But the ones I talked to got their Check on the First, but won't get another one till the first rolls around again. Most paid their mortaguage payment and car payment and utilities, phone, internet, and are now dead broke. And while they are cushioned for this month as far as their debt, they have no money for things like groceries, ect.
Twice a month usually its like the 15th and the 1st. Last I saw they should be getting the October 15th checks regardless of whether its back up or not by then, but it also looks like theyll be getting back pay from bills being kicked around
I don't know what their pay schedule is but I can say that yes, I am already hearing first hand reports of folks who work for the Fed and are having to put off and delaying projects, just heard about a couple that was planning on some remodeling work days in front of this drama and now they are putting if off because,,, well, they don't have the money, zero paycheck.
In addition, unlike the last time this happened, this time Congress did NOT put a freeze that would prevent creditors from moving on Fed employees who aren't working due to this shut down, at least that's I understand from what they said.
so yea, this is just nonsense. I do think we get a resolution tho this is just so pathetic. But anyways... you look at gold and silver and its doing nada.. because a resolution is being priced in.
Ex senior counsel for the World Bank delivers some sobering facts about the current state of affairs and probable scenarios for the US dollar and where gold stands now and in the future.
Angel, they are broke because they used their last check to pay for a whole months bills, instead of splitting it.
The pay date varies. For some it is the 15th and others it would be the 18th. The problem is that the last pay period started the 27th of Sept, which was a Saturday. The only day they worked was the 30th; with some coming in on the 1st to close down operations. So at most those folks will receive 2 days pay on the next paycheck.
So yes, they will receive a paycheck; or one to two days pay!
Interesting video. It seems Greg was all about gloom & doom. I agree with the State Bank idea. We have to many hands in the pot. I believe State Banks would be eaier to keep an eye on. Why do we have a Fed. Gov. anyway? Who's bright idea was it?
Disclaimer: While a tremendous amount of effort goes into ensuring the accuracy of the information contained in this site, Coin Community assumes no liability for errors. Copyright 2005 - 2026 Coin Community Family- all rights reserved worldwide. Use of any images or content on this website without prior written permission of Coin Community or the original lender is strictly prohibited. Contact Us | Advertise Here | Privacy Policy / Terms of Use
First Page
Previous Page
Posted 10/03/2013 5:23 pm
