| Author |
 Replies: 9 / Views: 1,266 |
|
|
Pillar of the Community
United States
3670 Posts |
So I got another one of those alarming emaiłs from money morning via Mike Ward and it basically says he and Peter Schiff feel as if this is Gonna be much worse then the last downgrade which stripped 2152 points roughly from the Dow or a 16% loss to Americans. Always about to get worse I noticed is the fear they sell lol. True or not.....
Regardless of what the snake oil salesmen think-I cant help but wonder if this recent small pm climb could be due to this info above and if so can we expect more of a climb.... Edited by Silverhawk74
01/16/2013 6:07 pm
|
|
|
|
Pillar of the Community
United States
4008 Posts |
I dunno, Hawk. This is definitely a wheels within wheels scenario, though. I did notice that the price of Pt is once again above the price of Au. Does that mean anything in the world of PMs? It might but it is still early in this game so it also might just be temporary. My PPLT physical platinum ETF is doing nicely, though.  |
|
Pillar of the Community
United States
3789 Posts |
Boy,, what can I say about PS without sparking controversy..... lets just say I think he talks his book massively and has been wrong quite a bit.
That said, I think most of the move in gold and silver has to do with the Germans recent move but after a few days will sputter out. We;ll see, but there's a lot of price above that needs to be worked out before there's any big moves... so give it some time.
Plat and Pal are looking the best and are the clear leaders of the bunch. Perhaps silver and gold will rise in sympathy.
In the meantime, I would tune out people like PS who are talking their book, and don't miss the moves in the metals that are rising.
|
|
Valued Member
United States
117 Posts |
On Yahoo News, Business Section:
"Treasury Secretary Timothy Geithner says the government has begun borrowing from the federal employee pension fund to keep operating without surpassing its debt limit.
Geithner says in a letter to congressional leaders that the move will free up $156 billion in borrowing authority while Congress debates increasing the $16.4 trillion debt limit.
The government reached its borrowing limit on Dec. 31, but began using bookkeeping maneuvers to keep from surpassing it. Geithner has told congressional leaders that Treasury expects to exhaust those measures by mid-February to early March.
The latest action has been taken by other Treasury secretaries and will not put in jeopardy any monthly pension payments. Geithner said he will replace the funds removed from the pension account after the borrowing limit is raised."
So, according to this article, it's pretty much guaranteed the debt limit will be raised, or we'll be in trouble. But all in all, it sounds like we're paying credit card bills with other credit cards, at this point.
|
|
Valued Member
United States
493 Posts |
I think with interest rates this low people stopped worrying about debt again, as long as inflation remains tame, which I doubt it will, has it ever? Still, if the government ever stopped spending on say entitlements, or the war machine we all know the economy will go belly up or people will be rioting in the streets. Their is no happy ending, just austerity, which if we follow European Austerity the people will pay and the corporations will walk. As I always say, the steam age has run it's course, the middle classes are growing in India and China, but not here anymore.
|
|
Bedrock of the Community
13014 Posts |
Quote:
So, according to this article, it's pretty much guaranteed the debt limit will be raised, or we'll be in trouble. But all in all, it sounds like we're paying credit card bills with other credit cards, at this point. Itll get raised, but yea weve just been paying bills like that for decades now. The 60s and 70s were kind of the last realistic shot to pay it off for real. |
|
Pillar of the Community
 United States
3670 Posts |
Most interesting to note how platinum has snuck past gold again crossing the lines Ed. Palladium is really pushing as we all have noted lately last up past 723 when I last checked...
Edited by Silverhawk74
01/16/2013 11:18 pm
|
|
Valued Member
Canada
78 Posts |
Think it is pretty obvious US is heading back to a recession. The government has to cut back spending which will trigger the next recession.
I guess the one small positive for the US, is unlike other economies it is not really a revenue problem, a spending problem.
Hard to say of things get ugly if it actually is a good thing for PM's...I still think deflation could rear it's ugly head...Big Ben has avoided deflation...but...
|
|
Bedrock of the Community
13014 Posts |
Quote:
I guess the one small positive for the US, is unlike other economies it is not really a revenue problem, a spending problem. In some ways thats almost worse |
|
Pillar of the Community
United States
4132 Posts |
It's a jobs problem. Restore full employment and the deficit mostly goes away.
|
| |
Replies: 9 / Views: 1,266 |
|
Posted 01/16/2013 7:35 pm
