September 29, 2009 – The government-directed and taxpayer-funded stimulus package that is throwing free money at unscrupulous financial institutions and far-fetched stimulus programs is losing whatever small bit of clout it might have originally had. Investors are dropping US-based investments for gold and silver bars and coins. Taxes and Wall Street surcharges on stocks, real estate, Treasury bonds, and bank accounts all help the United States government with…well, whateevr they want to use it for, and many individuals are finding that precious metals are the private investment that they are looking for.
The government’s numerous bailout and stimulus donations were meant to jump-start consumer confidence and spending in a way that had never before been attempted. The boost that stocks and real estate were given by the Obama administration were designed to encourage investors to recirculate money into our struggling US economy, but many families are unexpectedly hoarding their wealth. Unsure of what the financial future may hold within the United States, investors are taking matters into their own hands by purchasing physical gold and silver, which has historically maintained "safe-haven" status under the most strenuous fiduciary circumstances. According to two University of Delaware economists, the $3 billion Cash-For-Clunkers program ended up costing Americans $1.4 billion more than it saved them. Citigroup economists recently bashed the automobile replacement program as well. "We believe that the program did not help auto makers much because the rise in sales was temporary, and gave car buyers only a small cost savings. The biggest beneficiaries of this program were the auto dealers themselves, who essentially received a huge transfer from the U.S. Treasury," they said. The plethora of Ponzi schemes that the government has implemented is more than enough reason for many investors to take the wheel by purchasing privately-held, liquid assets like gold and silver.
The gold spot price was supressed this morning before breaking free in the arly afternoon. The live gold spot price at 6pm EST is $993.90. Silver showed little movement today, and it is currently at $16.13, the same per-ounce price it held at the session’s open.
Senior Staff Writer – GoldSilver.org