Gold prices remain strong this week as poor economic data continues rolling in. Gold last reported a.m. is $1153.10 and silver is $14.83.
CITI is reporting today that the world economy is trapped in a death spiral that could lead to further weakness in oil prices, recession and a serious equity bear market. Nice to see they are being honest.
According to the Bureau of Labor and Statistics, 70 percent of the jobs added in January were poverty level positions. Of the 151,000 jobs added in January, employment in food services rose by 47,000 while retail trade added 58,000 in the same time period.
Sadly enough this statistic has remained constant for working class Americans since January 2008. While Washington and the Fed tout “success” for the working peasants, the peasants are dying on the vine. With over 50% of American households existing at or below the national poverty level, we don’t have to wonder why our economy has not only not grown, but continues to contract.
The US economy is consumer driven, not Wall Street driven. Without healthy consumer spending, our economy dies, it’s that simple. As of Feb. 94.5 million Americans also remain unemployed having no ability to contribute to the US economy worsening our situation.
On Thursday, the Baltic Dry Index, the global shipping and trade index, reported its lowest level ever crashing below 300. This economic storm spans throughout every country in the world as inventory builds waiting for buyers who no longer exist.
2016 ushered in what will be a period of great economic loss for citizens around the globe as stagflation and increasing poverty will be the rule of the day.
As trillions have been lost in global stock markets since Jan. 1, isn’t it time to protect our wealth? Physical precious metals are available for your IRA or other qualified retirement account. 1-800-577-3195
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