Several Texas officials want to bring its gold reserves to the state for storage. Right now it is being held in NY somewhere. Texas is the only state with Gold reserves, and if what Ron Paul predicts comes to pass, it will be the only state with any real liquidity! Read the article here.
The attached link portrays the prices required of Gold should the Chinese Yuan become ‘backed by Gold’. A $64,000 price seems pretty outrageous, but when you consider all the debt and derivatives out there, probably too low! Read article here.
Texas bought a billion in gold and now is going to store it in state. The gold was purchased based on a recommendation of Kyle Bass and now he is suggesting storage be moved in state. Talk about a hedge! Read the article here.
Might this just be the luck of the Irish or something more? Click here
A very seasoned investor/businessman-billionaire is saying the worst case scenario will make even gold worthless! So should we be buying food and land? Find out more here.
Prices are volatile in just about every asset class you can think of and gold and silver are no exception! The million dollar question is always: ‘is now a good time to buy’? Take a look at this article and you decide!
Global currency crisis and financial warfare are leading many to purchase gold. Read here to learn more.
Billionaire John Paulson has bet big on Gold, raising his firms investment in the metal to 44%. He has been big on gold since 2009 but his luck has not been so hot for the past 2 years with record losses.
He is betting that gold will remain a great hedge against currency debasement, rising inflation and the possible break up of the euro. All things that everyone of us should be concerned about! He must be really concerned with a bet that size.
Seriously folks, while this guy’s recent track record isn’t the best his long term record is pretty dang good! For those of us out there that continue to hold gold and silver we can take comfort in the knowledge that some very sophisticated investors are feeling the same way as we are and doing the same thing..buying gold and silver.
The prices are down and the macro economic situation hasn’t changed at all, in fact in my view it is even worse. Now you have the Israelis talking about bombing Iran again. Syria is falling apart and the news on the Euro, Spain and Greece is just not improving. Added to all this is the threat of a world wide food shortage and I have not listed all the bad stuff out there either!
Time to get prepared? I would think so in spades! Food, water, gold and silver make up a really great starter kit!
Since my last posting on this subject,not a whole lot has changed. Well, except the fact that this situation is getting worse, as we all knew it would, and the markets are noticing.
The stock markets have fallen in 3 of the last 4 days and most of the MSM is placing the blame on the European Financial crisis. Our corporate earnings are getting hit, with more to come many think, and the prices are diving.
It was just the other day that one of the ‘doomsday’ guys, that have good track records by the way, was saying we have fallen off the financial precipice. I don’t think he is far from wrong.
Common sense indicates that the world wide economy, including our own, has yet to see the worst. That is coming on a daily basis. Please don’t believe these talking heads when they tell you that they are ‘fixing’ the problem. I am not sure they, nor anyone else, know what the problem really is!
When you don’t know the problem, you certainly can’t fix it, even if they could and I for one don’t believe that the efforts (read money they are printing) undertaken will do any good at all.
The entire system is crumbling as I write. Since the Lehman debacle we have seen far too many financial houses succumb tot he economic pressures and of course sheer greed and fraud.
Look at PFG, the future clearing house that went broke and dang few of these people will ever see any money. Given the fragile state of affairs, why would anyone want to put their money in such a clearing house, just to take more risk to make money that, due to the risk of bankruptcy of the futures firm, they might never see again!
Folks, this financial crisis will slowly unravel the fundamentals of our economy. I suggest you get prepared…take a look at where your money is and how easy or difficult it will be to access it in the event of some financial catastrophe. Do you own any gold or silver? How easy is that to get to? I am all for the Boy Scout Motto here “Be Prepared”!
As the financial disaster in Europe continues, the German Chancellor Merkel tells Spain to think again on a bond issue backed by the European Community. Spain’s borrowing costs have sky rocketed and are close to 7%. To put that in perspective that is a historical high! For a sovereign country to pay more than a corporation is somewhat indicative of the financial disaster that most of these countries are experiencing.
The problem is that the private companies are really going to get hit hard as the ‘ripple’ of the economic woes spread outward, even to the shores of our country. As we all know we don’t need any more economic pain, enough already!
Merkel Rebuffs Rajoy Plea, Shuts Door to Euro Area Bonds
By Tony Czuczka and Patrick Donahue – Jun 27, 2012 7:14 AM MT
German Chancellor Angela Merkel shut the door to joint euro-area bonds as a means of lowering Spain’s borrowing costs, saying they are the “wrong way” to achieve the greater European integration needed to stem the debt crisis.
Speaking three hours after Spanish Prime Minister Mariano Rajoy made a plea for help from tomorrow’s European summit, Merkel said that euro bonds, euro bills and debt redemption funds are unconstitutional in Germany and economically “wrong and counterproductive.”
“I fear that at the summit there will be much too much talk about mutual liability and far too little about improved oversight and structural measures,” Merkel told lower-house lawmakers in Berlin today. “Oversight and liability have to go hand in hand. There can only be joint liability when adequate oversight is ensured.”
Merkel is under growing pressure from her European and global counterparts to soften her opposition to debt sharing in the euro area and do more to cut borrowing costs for Spain and Italy. Rajoy, outlining his goals for the two-day European Union summit beginning in Brussels tomorrow, said that Spain can’t go on financing itself at current borrowing rates for long.
“The most important thing today is being able to finance ourselves in the markets, that’s the main issue,” Rajoy said in Parliament in Madrid. “And on that point Spain, Italy and other countries are going to push for reasonable decisions to be made,” using the “available instruments.”
Spanish 10-year bond yields were little changed at 6.86 percent after jumping 24 basis points yesterday, nudging the 7 percent level that forced Greece, Ireland and Portugal to call for sovereign bailouts. Equivalent German bonds yielded about 1.54 percent.
German Finance Minister Wolfgang Schaeuble, speaking at a separate event in Berlin, said his country’s borrowing costs are “unnaturally” low and shouldn’t continue. “It’s more an expression of anxiety than stability” in financial markets, he told reporters.
EU leaders meeting in Brussels are due to discuss a plan for closer European integration spearheaded by EU President Herman Van Rompuy that centers on common banking supervision and deposit insurance, along with a “criteria-based and phased” move toward joint debt issuance. The blueprint also suggests that the EU could impose upper limits on annual budgets and debt levels of nations that use the euro.
While Merkel said that she welcomed the Van Rompuy proposals and agreed with his four building blocks toward integration, she rebuffed any notion Germany shoulder the cost.
“I decisively reject the presumption in this report that the principle of collectivization takes priority,” she said. Rather, individual countries must “keep to agreed rules” and raise their competitiveness through structural reforms, using the best in Europe as the standard “rather than mediocrity.”
“The sovereign debt crisis shows us daily that deficiencies in one euro-zone country can cause difficulties in the entire euro zone,” Merkel told lawmakers. “It also shows us that national answers aren’t enough to secure the euro area’s stability.”
Merkel is increasingly isolated as Rajoy, French President Francois Hollande and Italian Prime Minister Mario Monti unite to push for quicker action to ease the crisis that emerged in Greece in late 2009. The three leaders back the creation of euro bonds and are pushing for measures to spur growth. Merkel is due in Paris later today for talks with Hollande, and will travel to Rome to meet with Monti on July 4.
“The key negotiators, including the German chancellor, do not really understand the timeframe we’re working under,” Niall Ferguson, a professor of economic history at Harvard University, said at a conference in London. “The timeframe for financial crises is days. The timeframe for structural reforms is years.”
Spain formally requested a European bailout for its banks on June 25 and discussions continue as to what conditions lenders will have to meet and whether the loan of as much as 100 billion euros ($125 billion) would take precedence over other debts in the event of default.
Rajoy said he will fight so that rescue loans “aren’t superior to the rights of other creditors of public debt.” Germany, Finland and the Netherlands want official loans to Spain to be repaid first in the event of default, undermining the interests of existing bondholders, two European officials said this week.
Rajoy also backs a so-called banking union, which he says includes joint deposit-guarantee funds and would allow Europe’s rescue funds to recapitalize banks directly without going via the government. German officials have rejected those proposals.
“It all hinges on her,” said Ferguson of Merkel. “She has to realize the cost of disintegration to Germany would be mindblowing.” Whatever happens, “Germany pays,” he said. “Do they pay through massive defaults or fiscal transfers?”
I continue to buy silver and think gold is also a great buy in here. I also continue to get prepared with more storable food and water. My son is buying guns and ammo as well.