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Key Gold Headlines

POSTED ON July 16, 2015  - POSTED IN Key Gold Headlines, Original Analysis

Could America go the way of Greece?

Most people don’t seem to think so. In fact, proposing that US policy could lead to a Greek-like meltdown will still elicit incredulous eye-rolls in most circles. But some of the structural problems that led Greece down her road to ruin already exist in the United States, especially when we look at state pension systems.

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Greece has actually improved its pension system. It now ranks as the eighth worst in the world. That’s up from dead last. According to Eurostat, Greece spends 17.5% as a proportion of GDP on pensions, the most in the European Union.

POSTED ON July 15, 2015  - POSTED IN Key Gold Headlines

Fund managers are starting to view gold as a bargain.

According to Business Insider, in its latest survey of fund managers, Bank of America Merrill Lynch found the majority view gold as “undervalued.” In fact, this is the first time since 2009 that fund managers have marked gold as a good buy.

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By Bank of America’s measure, gold is currently undervalued by about 1%. The current price sits some 40% below its all-time high in 2011.

POSTED ON July 15, 2015  - POSTED IN Key Gold Headlines, Videos

I like chocolate. In fact, I like it a lot.

That said, I sure wouldn’t pay $150 for a chocolate bar.

But apparently a lot of Americans value chocolate about that much, or they simply don’t understand the value of precious metals.

A few weeks ago, Mark Dice tried – and failed – to sell a 10-ounce bar of silver bullion worth more than $150 at today’s price, for 10 bucks.

Since nobody wanted to buy silver at such a deep discount, Dice tried to simply give the silver away. Last week, Dice recorded people facing the choice between a free, 10-ounce silver bar or a chocolate Hershey Bar. Every person took the chocolate.

POSTED ON July 13, 2015  - POSTED IN Key Gold Headlines

Supporters of a $15 per hour minimum wage continue to insist that it won’t impact employment. But the economic problems underlying the Puerto Rican debt crisis tell a different story and provide a possible glimpse into America’s future if the country continues down that path.

Last month, Puerto Rico Governor Alejandro García Padilla announced that the island cannot possibly pay its roughly $72 billion in debts. With more municipal bond debt per capita than any US state, a Puerto Rico default would have a much greater impact on Americans than the situation in Greece. As Peter Schiff recently noted, “Most Americans don’t own any Greek government bonds. But they probably own some Puerto Rican government bonds. Whether they know it or not, they’re in their muni bond portfolio.”

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Many policies combined to drive Puerto Rico into this situation, but a recent report reveals labor and wage policies were a big part of the problem.

POSTED ON July 9, 2015  - POSTED IN Key Gold Headlines

The United States Mint announced Tuesday that it has temporarily sold out of 2015 American Eagle silver bullion coins.

According to a Reuters report, demand for silver has surged due to low prices and uncertainty due to the Greek crisis.

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According to Reuters, “dealers attributed the recent rush to purchase silver coins and bars to its low price relative to gold.” A Pennsylvania coin dealer said the gold-silver ratio was “way out of whack.”

POSTED ON July 9, 2015  - POSTED IN Key Gold Headlines, Original Analysis

If I want 100 pennies, all I have to do is go to my local bank and plop down a $1 bill.

But if I want plastic pennies, now that will cost me some real dough – $3.49 to be exact.

Who would have thought there was money to be made in toy pennies?

A company called Learning Advantage is cashing in on the plastic penny market, selling bags of the fake currency for more than three times the value of the real thing.

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Nice work if you can get it, right?

Of course, we all get a little chuckle out of the absurdity. But the fact that plastic money is worth more than real money indicates a deep problem with the United States monetary system.

POSTED ON July 9, 2015  - POSTED IN Guest Commentaries, Interviews, Key Gold Headlines, Videos

Ken Hoffman, Global Head of Metals & Mining Research with Bloomberg Intelligence, spoke with Kitco News about the possibility of China putting its yuan currency on a gold standard. Hoffman emphasized it is not difficult to imagine, because China has been laying the groundwork for years – buying up gold, starting a gold bank, building extra vaults, and soon launching a yuan gold fix. He believes the timing of it largely hinges on whether or not the International Monetary Fund decides to accept the yuan into its basket of reserve currencies this year.

A gold standard, plain and simple, is not a big constraint on a currency. It actually is something that worked for hundreds, if not thousands of years. It’s not this horrible thing… [A Chinese gold standard] would be a game changer. It would make gold very interesting. It would make it a currency again in terms of the way the rest of the world looks at gold.”

POSTED ON July 9, 2015  - POSTED IN Key Gold Headlines

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.

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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.

POSTED ON July 8, 2015  - POSTED IN Key Gold Headlines, Original Analysis

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?

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  • 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.

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POSTED ON July 6, 2015  - POSTED IN Key Gold Headlines

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.

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