Silver started the day down .30 and reversed late morning to end positive above $39/oz.
In spite of the all the efforts that some say are done to supress the prices of precious metals, they keep heading up. With the CME raising margin requirements, China raising rates, and sporadic talk of when the almighty Bernanke will raise rates, gold and silver continue on the trek upwards. All of the factors mentioned above have, in the past, brought precious metal prices lower or have kept them level for a period of time. This round is different!
Although silver has been getting all the headlines, gold made a notable move today as well, breaking the $1,450/oz. barrier to end at $1,457 for the day.
Much of the uneasiness is once again centered in the U.S. as President Barrack Hussein Obama keeps running in to walls by Speaker of the House John Boehner and family. They are currently having positive discussions that would cut over $40 billion dollars from the U.S. budget with a little more being asked by the Speaker. Boehner and Senate Majority Leader Harry Reid (D-NV) are meeting behind closed doors to attempt an arrival on common ground to avoid a Government shutdown come Friday.
Ron Paul has been quite vocal lately about an attempt to investigate the U.S Mint concerning the claims of an insufficient supply of silver that is limiting silver eagles for the American public. Paul wants an answer as to how and why this shortage is coming about. The findings will be very interesting and we will be on top of the outcome. Be sure to check back for that information.
With silver rising at the pace it is, the talking heads out there are now calling for $60 silver by years end, and $50 by summers end, and gold being $1,500 and $1,800 in the same time frames.
You need to speak with someone that is exposed to the precious metals market on a daily basis at this point regarding metals investments. Do not be misguided by self- proclaimed market guru’s that analyze charts and use tools from yesterdays market, when the American economy was firing on all cylinders, and, the US dollar was well respected and desired.
Don’t wait for a pull back! If your considering precious metals, your window of opportunity is closing on you fast. The downside potential is tolerable in order to take advantage of the upside. Don’t trip over nickels and dimes to get to dollars.