Conventional wisdom holds that “you can’t have your cake and eat it too.”
That is unless you live under a socialist government in cahoots with central bankers. Then you can have all the cake you want and eat it to your heart’s content.
Until, of course, you run out of other people’s cake.
The crisis in Greece illustrates this reality perfectly. But despite the warning, it seems like the United States is hell-bent on following a similar path.
Have you heard the news? Greece has defaulted and is facing complete financial meltdown. European banks are exposed to Greek sovereign debt, and US banks are exposed to European banks. As we saw in 2008, it only takes one domino to fall (Lehman) to threaten the entire global financial system.
Don’t panic. SchiffGold has compiled new special report that explains why gold is the asset that will weather this storm. Why Buy Gold Now? lays out the case for why gold is now not just a source of future profit, but an essential insurance policy for every investor.
Why Buy Gold Now?
- Because right now is a superb cyclical buying opportunity
- Because of the madness of central bankers
- Because the next bust could be the mother of all busts
- Because the so-called “economic recovery” is a ticking time-bomb
- Because eventually gold owners will be unwilling to accept dollars for gold at any price
All of these factors are fully explained in Why Buy Gold Now?, with accompanying charts and graphs. This 13-page report has been carefully researched and crafted by SchiffGold’s team of Precious Metals Specialists for the benefit of everyday investors.
It is serious reading, but it is worth your time.
Why now? Because you can’t afford to wait.
Peter Schiff shared his take on the Greek crisis with RT. Peter argues that Greece needs to dismantle its giant government and embrace free-market capitalism to grow its economy.
Peter Schiff is now a regular guest on Alex Jones’ InfoWars. Peter’s first appearance was last Friday, and the two had a lively conversation about the slow decline of the United States economy. Peter compared Greece to America and argued that the US has less economic freedom than communist China. They also touched on the upcoming Presidential race, and Peter explained why he supports Rand Paul.
In a popular referendum yesterday, Greeks voted to reject further European financial aid in exchange for more austerity. Despite promises to the contrary, Greek banks remain closed, allowing account holders to only withdraw a meager daily maximum of €60. Greek Finance Minister Yanis Varoufakis has resigned.
Greece will meet with its creditors tomorrow and try to negotiate for more debt relief and infusions of cash into its banks. Nobody is certain the course those negotiations may take, but one thing is for sure – Greek citizens are hurting as they remain cut off from their savings. Unfortunately, no matter which way those negotiations go, it appears inevitable that Greeks will continue to suffer financially.
In his review of the latest economic data, Peter Schiff rips more holes in the economic “recovery” narrative. The labor-force participation rate just hit its lowest level since 1977. Meanwhile, under Obama’s presidency, 1.4 million manufacturing jobs have been lost, while 1.4 million bartending, waitress, and waitering jobs have been created.
Texas Wants Gold Back from Feds
CBS News – Texas wants its physical gold back. In mid-June, Gov. Greg Abbot signed a law creating a state gold bullion and precious metal depository. The Star-Telegram reported that the primary goal of the depository is to “bring home more than $1 billion in gold bars that are owned by the University of Texas Investment Management Co. and are now housed at the Hong Kong and Shanghai Bank in New York.” Under the new law, Texas gold will be beyond the purview or control of any “governmental or quasi-governmental authority” not directly administered by the state. Read Full Article >>
Bank of China to Help Set London Gold Price
The Telegraph – The Bank of China will become the first Asian firm in history to join a group of western institutions setting the price of gold in the London market with its entry to the London Bullion Market Association gold price auction. China is the world’s largest producer and consumer of bullion. Bank officials said its inclusion will allow the gold price to better reflect supply and demand in the People’s Republic. Read Full Article>>
Greece missed its International Monetary Fund (IMF) payment earlier this week – the first advanced economy in the world to do so. All of Europe is watching to see if Greece stays in the eurozone and what the ramifications could be for the relatively young euro currency. And while they wait, they’re buying gold.
European mints and gold sellers have reported a huge leap in gold sales since this weekend, when Greece announced bank closures. The Wall Street Journal reports that the British Royal Mint is experiencing twice the demand for gold sovereigns from Greek customers.
Meanwhile, the last time the European retailer CoinInvest.com saw sales like this was during the Cypriot banking crisis in 2013.
This article was submitted by Addison Quale, SchiffGold Precious Metals Specialist. Any views expressed are his own and do not necessarily reflect the views of Peter Schiff or SchiffGold.
The federal government can’t seem to help itself. After overseeing the inflating and bursting of the dot-com bubble in the 1990s and the subprime mortgage bubble in the 2000s, the United States government is at it again – this time in the area of student loans.
Student loan debt now stands at a record $1.2 trillion, which represents the second largest category of consumer debt after home mortgages. It has grown by leaps and bounds since the financial crisis of 2008 and now surpasses even car loans and credit card debt.
The Silver Institute has released its June newsletter. The publication features interesting and educational articles about the latest technology in the silver industry, as well as new silver investment products on the market. This edition notes that industrial demand for silver continues to grow in Asia and developing countries:
Industrial applications accounted for 56 percent of all silver demand in 2014. On a regional basis, a modest increase in industrial demand in developing countries, led by 4 percent growth in China and Taiwan, was offset by weaker demand in advanced countries in 2014. This marks the fifth consecutive year of Chinese industrial demand growth. Last year’s industrial demand total for Taiwan was 23 percent above their 2009 figure.”
