Say Goodbye to Another 4 Trillion
Gold has been making some strong strides in the last three trading sessions bringing the COMEX spot price to $818.16. The certified gold coin market, in common-date widely traded coinage has increased between 3.7% and 5.9% in the same three days of upswings, and the sustainability looks promising on yet more negative financial news. On the 2009 forefront, Michael Feroli of JP Morgan Chase & Company in New York said, “It’s going to take a long time to repair balance sheets that are being severely impaired.” He went on to add that American household net worth should shrink by an estimated 4 trillion in the first quarter of 2009, and his forecast mentioned that it would be the loss if the stock market stays flat. He also mentioned that US household net worth dropped 11% in 2008, or the largest recorded decrease in the history of our country.
Well, it started, they are no longer saying since the Great Depression. This 2008-drop in net worth trumps any thins from the depression. It’s time to brace yourself and make sure you have certified gold coins and bars to weather this oncoming financial storm.
In other financial news, the Big Three is shrinking. Bailout has failed with the United Auto Workers Union failing to agree to pay cuts and GOP senate members unable to come to terms over requested pay cuts. Not to be too hard on those workers about to be sent packing, but a pay cut doesn’t sound as bad as losing your job, especially if you live in Michigan & Ohio nowadays. Maybe I will have some good news for us all when I write tomorrow. Happy certified gold investing.
Senior Gold Trader – Certified Gold Exchange