Gold is trading lower Thursday morning as the U.S. dollar index see’s much needed gains after being hammered over the past several days. Gold last reported a.m. is $1180.10 and silver is steady at $16.02. Both metals remain available under production costs.
The Labor Department said first-time weekly jobless claims in the U.S. rose by 2000 to a seasonally adjusted 276,000 during the past week. Continuing jobless claims which is the number of people already receiving benefits and reported with a one-week delay, rose by 61,000 to a seasonally adjusted 2.27 million during the week ending May 30.
The Commerce Department said advance May retail sales were $444.9 billion, on a seasonally adjusted basis, up 1.2% compared to April’s unchanged reading. For the year, the report said that sales were up 2.7%, compared to May 2014.
A growing number of American citizens are breaking ties with the U.S. According to the IRS, between January and March of 2015, a record 1,336 Americans renounced their U.S. citizenship.
A University of Kent survey shows those who have renounced or relinquished US citizenship, nearly half (43%) have annual pre-tax household incomes of under $100,000 (USD). There is, similarly, very little difference in renunciation intention between those with lower incomes and those with higher incomes: of US citizen respondents with annual household incomes under $100,000 (USD), 28% are actively thinking of renouncing; of US citizen respondents with incomes above $250,000 (USD), 33% are actively thinking of doing so.”
For years, Washington has created a hostile environment for working class Americans and has systematically destroyed U.S. manufacturing jobs by implementing the highest corporate tax rates in the world. Many Americans are experiencing tremendous economic turmoil as more than half of American households make less than $52,500 annually.
Polls also show that a majority of Americans no longer trust Washington or its mainstream-media mouthpiece. Regardless of which party we choose, the train continues heading over the cliff. We have become a nation that is bankrupt when viewed through the perspectives of finance, morality and politics.
Gerry Rice, a spokesperson for the International Monetary Fund said there is no progress on the Greek debt crisis and they are not even close to an agreement. The President of the European Union warned Greece that it had better submit to EU creditor demands over the next week or face bankruptcy.
Creditors have been very clear that Greece has to offer real reforms that are mandatory if the nation is to receive extended bailout loans. The “red line” is centering on pensions and changes to labor market rules. The losers in any deal passed, or not, will of course be the Greek working peasants.
Debt proves to be a brutal taskmaster yet every nation around the globe continues suffocating on it. In an era of manipulated markets can we afford to suffer loss? Precious metals have always been viewed as real money and insurance, especially by governments and central banks. It’s interesting that those who control paper asset markets place very little long term trust in them. They would rather own gold and silver.
There’s still time to protect wealth with physical gold and silver bullion. We can even own real precious metals in a gold IRA.
Give us a call at 1-800-577-3195.
Gold Goliath is not your typical gold dealer.