Gold prices are down in early a.m. trading Monday as profit takers cash in on last weeks gains after hitting a 3.5 month high. Gold last reported a.m. is $1176.80 and silver is $15.96.
As more than 94 million Americans remain unemployed, the “working class barometer,” Walmart, is forecasting its earnings will decline by as much as 12 percent in its next fiscal year. According to Walmart, there are several reasons the retail giant is suffering but the primary reason is U.S. unemployment and poverty-level wages in the working class sectors. Added to this hurdle are online retailers like Amazon.com Inc. who can operate with much less overhead.
To offset losses, Walmart is forcing their suppliers across the board to take pay cuts and share the burden. Walmart sales account for over 10 percent of the U.S. retail market giving them the advantage of bullying competitors and suppliers who risk having their products removed from shelves if they don’t capitulate to Walmart demands.
Despite the daily rhetoric from mainstream media news about how well the U.S. economy is doing, Walmart paints an undeniable reality based on facts. The working class can no longer afford to shop at Walmart.
Sorry Wall Street, you can rig numbers to give the appearance of a healthy economy but you can’t trump truth. It always wins out.
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