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Gold Bulls Undeterred As FED Rally Fades, Here’s Why…

September 23, 2013 8:22 am est

The Mission Of The Silver News Surfer Has Always Been & Will Always Be – To Preserve Your Wealth, Protect Your Purchasing Power and Create Generational Wealth!

May Health Wealth And Success Be Yours!

On to the business of protecting your wealth…

One of the top stories over the weekend was that the Fed hawk says the bank confused the market YA THINK!?!?

Now the leaks say they will taper in October. The truth is that they won’t and can’t taper or they will destroy all the hard work and money spent in the last 5 years. They’re backed into a corner. No Fed taper this year, says former Bush advisor Take it from someone who knows the inside…

So, if the FED said no ease and everything is the same, then why did the market give back that nice rally? Simple. With gold up $60 and silver up $1.30  Gold traders take profits from monster Fed-fueled rally into the weekend.

However, don’t let anything fool you – Again, if the FED didn’t taper, they then have admitted that the economic outlook isn’t as rosy as it seemed. The unfortunate truth is that, The State of the World’s Economy is Dire! but we believe that The Fed Surprise And A Weaker Dollar Could Be Very Good For Gold for the short, medium and certainly the long term.

You know when you first read something and you’re not sure if you read it right so you rub your eyes to be sure it was right? That was me this morning when I read JPMorgan Says “Buy Gold” – JPM now believes, as a result of the Fed’s volte-face on tapering, uncertainty about future inflation may pick up and suggest a long position in gold. 

In other news, 7 in 10 Americans Think Government Is For The Banks And Big Corps (Not The People) YA THINK!?!?

And now it’s reported that Syria Sends “Inadequate” Chemical Weapons Report; US-Russia Plan Indefinitely Postponed

Seriously, I am not making this stuff up – Its too crazy.

President Barack Obama on Saturday insisted that he won’t negotiate with House Republicans over the debt ceiling, accusing them of threatening to plunge the U.S. into default and back into recession by tying the debt limit to their effort to defund his health-care law.

So, for what is worth, here is a list of this weeks economic events.

Allow me to assist you in understanding these ever changing and challenging financial markets and more importantly, how you can profit on the upside potential and protect yourself from the downside risks….

Now, onto the breaking news that matters…

Gold-bullish billionaire warns dollar to be “dethroned” – Debt-ceiling showdown could put new pressure on greenback as CBO warns of rising red ink

The stock market is humming along at record levels, taking some of the shine off gold, but perhaps the No. 1 reason to own the yellow metal has never gone away: debt.

Pressing issues in Syria and the debate over the next FED chair have overshadowed the debt ceiling, but the debt debate isn’t something that should be taken lightly by the government or markets.

In 1929 the supply of paper money was limited because it was backed by silver. Our current dollar is backed by nothing. … The Chinese have $3.5 trillion U.S. dollars, and they’re spending these dollars as quickly as they can, and it will not be long before the rest of us in the world and the U.S. will be thinking likewise — I do — as we buy things to protect our future purchase power.

When more than one billionaire says the exact same thing of which he is speaking. People should listen. When you have all central banks printing money that has never been done and all central banks grabbing all the goldÉ they can then we the people need to wake up and pay attention. There not collecting all the gold just because it shiny. Something is HAPPENING!!

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Gold bulls undeterred as stimulus-led rally fades – Gold bulls believe there is still enough momentum in the market to push the precious metal’s price above $1,400 in the near term – in spite of speculation that the U.S. Federal Reserve may start reducing asset purchases in October. “The latest euphoria in gold could continue in the coming days as speculative investors liquidate their short positions in futures and options further,” said UBS analysts Dominic Schnider and Giovanni Staunovo.

“A test of the upper bound of our three-month trading range of $1,425 cannot be ruled out, especially with the Chinese market returning this Monday from a long weekend and the U.S. debt-ceiling debate coming into focus.”

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SHUTDOWN COUNTDOWN: 8 days — ALAN GREENSPAN WARNS: ‘no viable long-term solution to our badly warped economy’ without fixing political system — WHITE HOUSE SIGNALS Janet Yellen nomination coming. –

FIRST LOOK – ALAN GREENSPAN, Fed chairman from 1987 to 2006, in a book out Oct. 22 from The Penguin Press, “The Map and the Territory: Risk, Human Nature, and the Future of Forecasting”: “Our highest priority going forward is to fix our broken political system. Short of that, there is no viable long-term solution to our badly warped economy. In America we are being pulled apart politically in ways unrivaled since the aftermath of the 1929 crash. …

My first realization of a striking shift in our politics was brought to my attention by the staunch conservative three-term senator from Utah, Robert Bennett. He feared that despite his strong approval ratings, his 2010 reelection bid was by no means secure. In his 2004 reelection, Bennett won 69 percent of the vote. His problem, as he stated it, was unexpected contenders for his Senate seat from his political RIGHT. [The 18-year veteran finished third at the Utah Republican convention and his seat is now held by Sen. Mike Lee, an instigator of the effort to shut down the government over Obamacare.] It was my first awareness of what later came to be known as the Tea Party, a political movement that emerged in 2009 and became a powerful force in the 2010 election. …

“Both uncompromising sides of our ongoing debate on fiscal and other issues need to recognize that financial crisis lurks should we fail to resolve our deeply disruptive fiscal imbalance. And that imbalance is far greater than the official data portray [because of contingent liabilities to the U.S. government from possible rescues of large financial firms and iconic nonfinancial firms] … At risk is the status the American economy has held as the preeminent world economic power for more than a century. …

Shutdowns and debt limits: Making sense of the fiscal deadlines ahead – The stock market may be posting record gains, but Washington could be mere days away from a government shutdown—and a few weeks out from a catastrophic default on the national debt. But the reality of this looming fiscal crisis has many Americans wondering how we ever got ourselves into this mess. And, more importantly, what Congress can do over the coming days to avoid it.

We take a look at some of the questions that lawmakers dealing with – and the possible answers.

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House passes spending bill to defund Obamacare – Republicans passed their stopgap funding bill Friday to keep government open while terminating the new health care law, setting up a final showdown next week with Senate Democrats and President Obama who have firmly rejected the GOP approach.

The 230-189 vote, which split almost exactly along party lines, is the precursor to the big action next week, when the Democratic majority in the Senate is expected to strip out the health care provisions and send the bill back to the House — where Republicans will have to decide whether they can accept it at that point.

Read More Here