Updated 8/3/2015– Gold prices are slightly down in early a.m. trading Monday as the U.S. dollar index rises higher and crude prices drop. Gold last reported a.m. is $1092.40 and silver is $14.67
Due to ridiculously low prices, mints can’t keep up with silver demand. Now, it’s happening with gold. The U.S. Mint can’t meet gold demand and is reporting the highest gold sales it’s seen in more than 2 years. Both metals are now backlogged. It seems the mainstream media’s verbal beat down on gold and silver just isn’t working any longer.
Gold prices are luring investors as buyers understand mines cannot continue producing gold and silver at net losses.
According to WSJ, the economic expansion—already the worst on record since World War II—is weaker than previously thought, according to newly revised data.
From 2012 through 2014, the economy grew at an all-too-familiar rate of 2% annually, according to three years of revised figures the Commerce Department released Thursday. That’s a 0.3 percentage point downgrade from prior estimates.
The revisions were released concurrently with the government’s first estimate of second quarter output.
Since the recession ended in June 2009, the economy has advanced at a 2.2% annual pace through the end of last year. That’s more than a half-percentage point worse than the next-weakest expansion of the past 70 years, the one from 2001 through 2007. While there have been highs and lows in individual quarters, overall the economy has failed to break out of its roughly 2% pattern for six years.
The latest revision, however, did significantly upgrade what was seen as a historically wretched winter of 2014.
The output reading for the first quarter of last year was recast to a 0.9% contraction instead of a 2.1% annualized drop. The prior figure represented the worst contraction on record outside of a recession. The new number isn’t even the worst quarterly contraction of the expansion. GDP declined at a 1.5% annual pace in the first quarter of 2011.
The upward revision to the first quarter of 2014 was largely due to revised data on construction spending, specifically on power structures. The revision reflected both new seasonal adjustments and newly available data.
That 2011 figure, and other data, could be revised in future years. Commerce Department officials are undertaking a comprehensive review of GDP data with the intent of refining the seasonal adjustment process.
In recent years, output figures have tended to be weaker in the first quarter and stronger in the third quarter. That’s raised concern among economists. The government seasonally adjusts most economic data so observers can see underlying changes rather than expected patterns, such as weaker consumer spending in the months after Christmas or more construction during the summer.
The most significant change in the latest data set is seasonally adjusting military spending. Those outlays tend to be the strongest in the third quarter of the year, just before the government’s fiscal year ends. Smoothing out that seasonal change was a major factor in GDP for the third quarter of 2012 being downgraded to a 0.5% advance from a 2.5% increase, and the third quarter of 2013 being recast to a 3% gain from a 4.5% increase.
The mainstream media continues carrying water for Washington and the Fed by lying to Americans about the real condition of the U.S. economy. Over 50 percent of Americans households make less than $52,500 per year which means half of our nation lives in poverty conditions. Approximately 93 million Americans are currently unemployed. Amazingly, the prostitute politicians in Washington continue living “their” American dream off the backs of working class peasants.
King George is alive and well, unfortunately.
Both gold and silver remain available below production costs, even as physical demand places strain on an already depleted physical market.
It’s time to stop listening to media puppets and move forward in protecting our assets with physical precious metals.
Call 1-800-577-3195 Ext. #1
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