Updated: 10/08/2008 13:54
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In the past 5 days, US stocks are down about 12 per cent Dow a full 33 per cent plunge since October of last year. Today the Fed has just announced an unscheduled 1

In the past 5 days, US stocks are down about 12% (Dow) a full 33% plunge since October of last year. Today the Fed has just announced an unscheduled 1/2 % rate cut in tandem with ECB, Bank of England, Swedish and even Chinese banks. A coordinated effort to stimulate global economies or at least slow the downward trend.

In just the past few months, the US as spent $800+ Billion on select bailouts such as AIG, Fannie and Freddie. Just this week they passed another spending, bailout of $700 billion to shore up the old school Goldman Sachs cronies. Not to mention $25 Billion to bailout the auto industry, that barely made the news!

Those add up to more than $1.5 trillion dollars of new US debt for your kids. Todays running total US debt of $10 + Trillion dollars is more than twice the amount of debt than the day Bush took office.

Gold bullion sales around the globe have jumped off the charts including the US Mint temporarily suspending sales of one ounce Eagles and then the one ounce new Buffalo coin because they simply ran out. As the LBMA reports the highest demand in 33 years, investors show they are willing to pay up to $25 an ounce above the London spot price to guarantee their purchase.

The federal reserve and treasury have now been granted such day to day power over US financial markets and companies its just plain ridiculous.

Then, yesterday to top things off, it has been reported that central banks have all but stopped lending gold to commercial and investment banks. This has sent the cost of borrowing bullion for one-month to more than twenty times its usual level. (lease rates skyrocketed to higher than they have been in 7 years)

Are we now ?off-to-the-races with $900 per ounce as the new ground zero and no where to go but up?

I think its time to send some more funds to and check out what Mr. Turk has to say then read the analysis from and place a few bids.

About the author

Nicole Berger has over seven years experience writing and editing for online and print media. She has held various editor and associate editor positions in some of forefront independent media publications. A consistently dependable team player, I thrive in a high-pressure environment, enjoy the challenges of meeting deadlines and managing a team, and am comfortable researching, writing and editing on a wide range of topics.
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