Demand for silver remains insatiable and gold is beginning to see a rebound in demand as well. U.S. Mint gold coin sales are the highest in more than two years, even though July is historically a slow month. U.S. Mint gold coin sales in July are nearly four times as much as the historical average. So far, the Mint has sold 161,500 ounces of American Eagle coins and 27,000 of Buffalo coins this month. This is up from 76,000 and 21,000, respectively, in June.
China’s stock market rallied Wednesday, gaining about 3.5% in the Shanghai index, following the steep sell off seen Monday and Tuesday. The Chinese government implemented more measures to prop up their equities market. Global stock markets were also generally higher Wednesday, boosted in part on the temporary stabilization in China’s stock market but overall trading action is still suppressed as investors remain fearful of the unknown.
The National Association of Realtors said its pending home sales index fell 1.8% to 110.3 last month, following May’s reading of 112.6. Lawrence Yun, NAR chief economist said, “Competition for existing houses on the market remained stiff last month as low inventories in many markets reduced choices and pushed prices above some buyers’ comfort level. The demand is there for more sales but the determining factor will be whether or not some of these buyers decide to hold off even longer until supply improves and price growth slows.”
Last week, NAR said that existing home sales increased 3.2% in June, to a seasonally adjusted and annualized sales rate of 5.49 million units; the association said it was the highest sales pace in more than eight years.
U.S. Home sales and Walmart are two faithful barometers of working class sentiment and its financial ability, or lack thereof. With soaring prices in both sectors, consumers simply can’t keep up. We can expect decreased economic growth through the fourth quarter of 2015.
Simply put, until good paying-full time jobs come back to the U.S., and they may not if Washington has anything to do with it, Americans will continue to fall through the cracks.
How we protect our wealth matters. We don’t have to be victimized by bloated stock markets as long as physical gold and silver are available. Both precious metals are also available for a gold IRA.
Give us a call at 1-800-577-3195 Ext. #1 to begin the process of securing a portion of your assets.
Gold Goliath is not your typical gold dealer.