Casey Daily Dispatch
Another down day for the precious metal equities. Withdrawals from both GLD and SLV. Another good sales day at the U.S. Mint. A big gold shipment out of JPMorgan's vault at the Comex-approved depositories on Thursday---and mediocre in/out movement in silver.
The United States of America is not what it used to be—but can it be fixed?
Currency rally gets turned around. Fed members fire the first shots. Petrol currencies get double whammy. Chuck on his soapbox again!
The moral of my story is this: Fear bypasses reason.
Easy money and “Let’s get in on it!”… it’s an old tradition but not a good one. And sooner or later, it always fails, leaving lots of people grasping for excuses and someone to blame. (Someone beside themselves, of course.)
We’re all seeing the stream of statistics concerning America’s productive “middle” class (i.e., people who work real jobs): their net worth is down 40 percent, barely half of Americans have $500 in savings, there are more Americans on welfare than have permanent, full-time jobs, more American businesses are failing than being created, and so on.
The precious metal equities give up large chunks of their Wednesday gains. No change in GLD, but a withdrawal from SLV. No sales report from the U.S. Mint. More in/out movement in both gold and silver at the Comex-approved depositories on Wednesday.