Gold priced are down today with “politically correct” news of an upbeat jobs report and a stronger U.S. dollar index. The reality is bullion bankers once again hammered gold and silver markets today with more fraudulent futures trades. About 4200 contracts sent gold falling $30 all occurring in 1/10th of a second. The value of the trades was close to $500 million. It’s certainly nothing new and we’ve come to expect it on a regular basis from high frequency traders. Gold last reported a.m. Friday is $1232.60 down $30.50 and silver is $16.68 down 56 cents.
The Bureau of Labor Statistics said 257,000 jobs were created in January. Wage growth however is still near the lowest levels recorded since the Great Financial Crisis. The truth of the matter is Washington is using anything it can get its hands on attempting to convince working class peasants that we are actually in better economic condition than we think. Stagnate poverty level salaries may sound dreamy to political oligarchs but they are nightmarish to those receiving them.
There were at least 18,000 -22,000 job losses in the energy sector alone during January as corporations cut overhead by terminating positions that paid larger salaries. Texas accounted for more than 19,000 as the oil industry fights to hold on as prices tumble. The reality for U.S. workers is about 92.5 million are still unemployed even as the media portrays the “roaring twenties”. During the Great Depression approximately 30% of American’s were unemployed very similar to numbers we see today. Soup lines have been replaced by EBT cards.
Greece’s new prime minister is standing defiant against the EU and ECB as terms like “leftists” are hurled to discredit viability by mainstream media. The prime minister vowed on Friday not to accept any deal in talks next week that keeps its current international bailout in place.
Finance Minister Yanis Varoufakis is asking for a bridge agreement to keep state finances running until Athens can present a new debt and reform program. Thus far the EU and International Monetary Fund have loaned Greece 270 billion. EU Members are insisting that Greece make good on it’s owed debt. One way or the other the EU will get whats owed either voluntarily or by force. Debt write-off is not an option according to the IMF.
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