Sustainable Economic Growth Forever Posted by James Randolph on December 17, 2008
Sustainable Economic Growth Forever
December 16, 2008 – In an unprecedented move never before seen in its 95-year history, the Federal Reserve set prime lending rates at 0.25%. You can rest easy knowing that the government is going to make everything perfect for the rest of your life, your teeth will whiten, your stamina will increase, your children won’t nag, your tax debt will be forgiven and your credit cards never max out. Welcome to the United States in the 21st century.
On a lighter note, gold is up $13.10 today as it sits at $855.50. Silver moved to $11.32 up $.61 for the session. The certified gold coin market showed further increases for the 5th straight session as well, with prices on common date widely traded PCGS certified coins increasing between 2 and 3.2% for the day. This was led by the MS-65 St. Gaudens coins. The MS-65 St. Gaudens coin increased by $42 at the retail level, making it one of the biggest winners of the day. We got strong moves from both bullion and certified gold coins as investors look to shield their wealth from what could be a really heavy dose of deflation. I suspect that the real evidence will prove this a mistake when we loose 3 to 4 million jobs in the first quater of 2009.
Total 2008 US financial bailout currently stands at $8.7 trillion. That’s a nasty fall backwards in only 12 months and it looks to get worse by the day. President elect Barack Obama plans a $1 trillion bailout to improve schools, roads highways and bridges, no mention of where the money will come from and from the looks of it, the current administration doesn’t plan to leave any when they’re gone. Happy certified gold investing, see you tomorrow.
Senior Gold Trader – Certified Gold Exchange