Gold continues it’s pace and is making solid gains since last week as the U.S. dollar index extends its losses a midst concern over a weak U.S. employment report. Gold last reported p.m. is $1219.20 up $17.60 and silver is $17.13 up 40 cents.
The U.S. is finding itself abandoned as another ally joins China’s Asian Investment Bank. Last week, Benjamin Netanyahu committed Israel to join as tensions increase with the Obama administration. Other than the U.K. who has already joined the investment bank, Israel was America’s last real ally to jump ship for better ground. To date, more than 50 countries many of whom are normally U.S. allies are joining up including South Korea and Australia.
Failed policies and inept leadership have forced other nations to turn to who they see as the next economic super power, China. Those facing the greatest danger are U.S. citizens who will incur significant losses when the dollar loses reserve currency status. Should foreigners begin dumping U.S. debt in favor of China, the dollar wouldn’t be worth the cotton and ink it takes to create it.
Since the 1944 Bretton Woods agreement, the dollar has gone unchallenged as the recognized currency of favor but its luster is diminishing. Both Russia and China made clear their intentions in 2014 that their goal was to bi-pass the U.S. dollar and the only government not taking them seriously is Washington. Bullying tactics over the past several years by the Obama administration have only succeeded in alienating foreign nations. The U.S. continues to find itself in the precarious position of possibly being left behind over the next few years.
Greece is adding fuel to the “reparations” fire after Greek Finance Minister Dimitris Mardas calculates that Germany owes Greece EUR 278.7 billion for atrocities committed by the Nazi’s during the second world war. A Greek parliamentary committee set up by Prime Minister Tsipras began work on Wednesday in effort to make legitimate demands for reparations. Greece is suffering under mismanagement and German backed austerity imposed by the EU and International Monetary Fund in exchange for financial bailouts.
Tsipras is accusing Germany of using stall tactics to avoid paying compensation but the Germans aren’t listening. The EU knows full well that Greece is grasping at straws as it falls to the wayside and is soon to be out of the Union. Atrocities were committed during the second world war but not one of them is the cause for Greek hardships. Simply put, you cannot live on debt and then blame others for lending you money.
Silver remains available for purchase below production costs. It’s a perfect time to protect our wealth with physical precious metals. Call 1-800-577-3195 for special pricing on 1 oz. silver bars.
Gold Goliath is not your typical gold dealer.