Posted on 07/21/2020 5:49:02 PM PDT by NRx
Precious metals rallied to their highest levels in years on Tuesday as a fresh economic stimulus in Europe and a weak U.S. dollar boosted prices.
Spot gold rose $24.50 to $1,840.40 an ounce, its highest level since Sept. 9, 2011, while silver gained $1.34, hitting a more than 6-year high of $21.46 an ounce. At the same time, the U.S. dollar index slid 0.54 percent and neared its lowest point in two years.
Tuesday’s price surge reflected "what happened in Europe,” George Gero, managing director at RBC Global Wealth Management and a member of the COMEX board of directors, told FOX Business after European Union leaders agreed on a 1.8 trillion euro ($2.06 trillion) spending package to bolster the region’s economy in the wake of COVID-19.
Precious metals have had a banner year in 2020 as the lockdowns ordered to slow the spread of COVID-19 led to drastic action from policymakers, devaluing currencies and prompting investors to turn to precious metals as a safer store of value.
In the U.S. alone, Congress has already approved $3 trillion of stimulus and is working on another package while the Federal Reserve has slashed interest rates to nearly zero while also announcing open-ended asset purchases and lending programs to support the flow of credit to small businesses and households.
(Excerpt) Read more at foxbusiness.com ...
We are running deficits that have no precedent in US history after we whined about the debt for all eight years under Zero. The Government is depressing interest rates in the biggest market manipulation in history. The US is printing money like water. And we are using that newly printed money to buy our own bleeping bonds!
We are starting to look like Argentina or Venezuela.
Between now and November, current unemployment support will end. waivers on mortgage and student loan debt will end, and banks will be demanding payments, including deferred payments, which many will not be able to afford. By October there will be a Housing bubble collapse. We face the real possibility of a financial panic right before the election. No wonder people are fleeing to precious metals for security.
For the last two or three weeks they have been telegraphing that Trump is a dictator, that he will not accept defeat, and that if a close election happens he will refuse to leave the White House, and that they will need to use Force to remove him. Prominent generals and politicians have come out against him. People, they have told us their game plan. Nancy Pelosi comes out and announces she has been meeting with continuity of government people. Wallace on Fox Sunday started pressing Trump for a commitment he would leave office.
We will get no result on Election night no matter what. Democratic Governors will guarantee that with some excuse. Anything from covid-19, to a power outage, etc. this will be like the contested 2000 election... on steroids. Price of gold reflects instability
Nasdaq is over 10,000 and p/e ratios are high but nowhere near their highest
Interest on debt is going to eat quite a bit though
Rs had house/Senate under Trump for 2 years
Still ran trillion dollar deficit
I have no answer...
But to get drunk :)
Good idea!
Some people buy gold, I’ve been buying Colt revolvers since 1972, I’m way ahead of gold.
Good answer
But there’s still a soon to be almost 30 trillion dollars debt
It’s bad when many aren’t even sure what the next word after a trillion is :)
In a few decades we will be in debt for 1/10 of...something :)
“ But to get drunk :”
Let me buy you a drink! I’ve finally made enough on my silver investment to get a WHOLE BOTTLE of Jim Beam!
Lol
Go fast before the price goes up again:)
A good part of this is self inflicted wounds. Trump was given three chances to say that if he lost the election he would accept it. Each time he evaded. That just plays right into the other sides hands. I mean seriously. If someone asks you if you loose the election will you accept the results, the only answer is “yes, of course.” The phrase losing the election presupposes that it was a legitimate.
In soccer this is called an “own goal.” This is going to be in Rat adds from now until the last polls close on November 2.
Good answer about the 30 trillion. Another bad Omen. A lot of synergistic bad Omens going on lately
Ah, Japan is at 200 percent debt to gdp
That gives us another 14 trillion to go :)
The money we owe, are the rates fixed or can they fluctuate?
Please tell me they are fixed :)
Silver up to $22.62 right now driven by the Asian Market.
“ We face the real possibility of a financial panic right before the election”
I sure agree we are digging a very deep hole. BUT, What you describe will not happen before the election. There will be another stimulus, Trump will be elected and then it will be payback. The fed is printing money like there is no tomorrow and will continue until the election.
The Dollar Index has dropped in value to the 95 range.
The USA and the other countries in this world can’t keep printing money to recover from the Chinese Plague without repercussions.
Smart money is moving from paper to hard assets like gold and silver.
Damn right. And gutless too. I got a 2019 Texas quarter in change yesterday and instead of the Alamo they have “San Antonio Missions” on the reverse side.
Bastids don’t want to offend some Mexicans.
In 72 I picked up two 7 1/2 inch Nickle Colt single action Army’s for 500 dollars, consecutive serial numbers. Their worth 8500 now. Old Colts never go down in value.
‘The dollar is about to collapse’
Listen to the latest Peter Schiff podcast:
He also talks about silver, gold, the economy and politics.
There are always ads on TV to buy gold. I think it’s time I sold my Father’s early 1970’s 1 ounce Krugerrands, but never see where to sell them. Any advice other that a pawn shop? I live in Orange County, CA.
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