Gold is posting early gains Friday morning against a lower U.S. dollar index. Global turmoil continues prompting bargain hunting and short covering in precious metals markets. Gold last reported a.m. is $1161.10 and silver is $15.51.
China’s bloated stock market rallied again this morning as traders have been warned not to sell stocks shorting the markets. Facing possible arrest and jail terms seems to have been just what was needed to keep the game going. Predictably, global stock markets rebounded as well even though China’s bubble issue still exists.
The severity of possible loss in all stock markets including the U.S. was seen as shares listed on Chinese exchanges fell by a third, wiping out 3.5 trillion in wealth in less than one month. Chinese officials aren’t willing to address the fundamental causes of instability. Like all other nations, China has kicked the can down the road a little further but in the end all bubbles burst.
According to a Eurozone official, Greece has submitted thorough proposals seeking a third bailout averting an economic collapse.
European Commission President Jean-Claude Juncker, European Central Bank President Mario Draghi, International Monetary Fund head Christine Lagarde and Mr Dijsselbloem have held a conference call on the new proposals.
Mr. Dijsselbloem said the new Greek paper was “a thorough piece of text” and that support from the Greek parliament would give it “more credibility”.
“But even then we need to consider carefully whether the proposal is good and if the numbers add up. We have to make a major decision. Whichever way.”
Greek P.M. Tsipras finds himself in the position of backtracking on campaign promises he made to voters that he would hold firm to, “ending harsh austerity measures.” Supposedly he is now on board to signing whatever is necessary to keep Athens running a day longer.
Bailout or not, Greece’s stagnate economy cannot support Athens spending. EU bailouts in the past never reached mainstream Greeks as they were never intended to but they did fatten the coffers of big banks.
Didn’t we see the same ruse in the U.S. as Fed “stimulus measures” implemented after the 2008 housing crash only bailed out big banks while working class Americans were left holding the debt?
Central banks are gaming the system as they follow the old adage of P.T. Barnum: “A sucker is born every minute.”
There’s still time to protect our wealth while it’s still, our wealth. Gold and silver are available for a gold IRA as well.
Give us a call at 1-800-577-3195 to begin the process.
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