Loading ...The dollar is getting worked over, UUP down over 1/2%, course the dollar is further above its 50 dma than at any time in the past 5 years. Well overbought and overdue for a correction.
This hasn’t given pm’s a boost though as we’re actually down a little from where we were a couple of hours ago. We’ll see what the Crimex has in store for us. If the recent trend holds true, the HUI should start to rise again from here.
‘The total monetary gold reserves of the United States stand at 276 million ounces, or 7,824 tonnes, and are still valued at $42.2222 per ounce. That’s $11.7 billion on the books of the US Treasury, when at current prices they would be worth $739 billion.
But in the end, how much does this accounting difference matter when you consider the US debt of $35 trillion, ‘
So if the Fed/Government wanted a 10 % backing (3.5/0.79 )Gold needs to rise 4.5 times from here…ie $ @12000….if it wanted a 50 % backing we need to see Au @ $v 60,000
Gold squeeze v good article
Whatever that print on rates was on the CNN market page now shows the 10 yr. down 7 bips to 4.30%
Dollar looks a little lower. PM’s bouncing some in premarket with silver up $.37 back thru $32.50 and gold up $8 back thru $2740
Oil popping again, up almost 3% to $71.50. SM and Bitcoin flat – Bitcoin back under $70K to just under $69K
PM shares are firm but not exactly convincing. Long day ahead on election eve.
ferret – Well, I think our trade deficit runs over $100 billion a month, so there’s some revenue there.
silverspike – I’m glad to see that the idea that there’s no need for an income tax and many other taxes is starting to come to the forefront. When you control a printing press, why do you need to tax anything? It’s the same as modern monetary theory without the taxation. Course there will be weeping and gnashing of teeth from all the Fed Reserve dependent entities because that’s how they enrich themselves off the sweat of our backs, but we don’t need them either. Cut government and their spending, empower businesses here to create and make our own stuff. We can use tariffs or even a small sales tax to provide for government spending.
Our entire economic system is a scam, meant to exert and keep control over “we the people.” Sounds crazy right? If the dollar was backed by gold, there’d be no inflation unless they kept devaluing the gold to print more currency, which has always been the tendency of governments. The Romans did it, and they collapsed.
The idea that the Fed prints our currency for us at interest is lunacy. Nathan Rothschild “Give me control of a nation’s currency and I care not who makes its laws.”
Cheap imports have been used as a method of hiding the never-ending devaluation of the dollar and inflation.
Have a look at the attached interview regarding taxes and monetary changes
regarding Trump and the States-you might find it interesting.
Trump Wins, Eliminates Federal Income Tax, Economy Booms – Martin Armstrong