UPDATE: Alex Jones: The fact that these letters were being sent out to Chase customers was confirmed at the time that we published, but in the last 24 hours we have confirmed that even large businesses doing international transactions have also received the same letters.
I personally visited Chase Bank and inquired about setting up an account and asked if I could wire money out of the country or withdraw the amounts of cash listed in their letter. I was told no, and that I would have to “qualify” with them for a special type of international bank account and would have to deposit huge amounts of money and pay fees to be able to access those services.
With the US Government shutdown last week weakening the US dollar across the board in global currency markets it is only too easy to read the relatively lacklustre performance of gold wrongly. For in a major US dollar devaluation crisis, like the one that would follow a failure to raise the debt ceiling on October 17th, gold would be king.
It’s a scenario played out perfectly in the penultimate chapter of hedge fund manager Jim Rickards book, ‘Currency Wars: The Making of the Next Global Crisis’. He envisages a series of ‘black swan’ events that trigger a loss of confidence in the US dollar precipitating a rush to get out of the greenback.
The last issue of our sister ArabianMoney investment …
The financial hurricane hit the world in 2008 destroying huge swaths of assets, real estate, numerous banks and institutions. As the storm cleared, the Fed and central banks stepped in by flooding the world with money to supposedly assist in dealing with the damage while providing special programs to rid the banks of debris and garbage clogging up their businesses.
After trillions of dollars of so-called monetary assistance, the financial damage appears to be repaired giving the public a false sense of security that the storm has finally passed. Unfortunately, the world has only dealt with the first part of the storm and is now sitting in the eye of the financial cyclone.
Even though we now have the additional drama from …
The U.S. Treasury Department is warning that the economy could plunge into a downturn worse than the Great Recession if Congress fails to raise the federal borrowing limit and the country defaults on its debt obligations.
A default could cause the nation’s credit markets to freeze, the value of the dollar to plummet and U.S. interest rates to skyrocket, according to the Treasury report released Thursday.
Treasury officials hope by laying out potential consequences they will be able to bring pressure on Congress to act. Treasury Secretary Jacob Lew has said he will have used up the extraordinary measures to avoid breaching the debt ceiling by Oct. 17. After that, the government will have around $30 billion of cash on hand.
I have previously written about how gold can be used as a leading indicator for silver.
Using this principle, there is an indication that we are at or close to the period for a 1979/1980 style rally in silver.
The following is a simple concept but can make for some intense reading (a lot of concentration and possibly re-reading is required).
Below is gold chart from 1968 to 1975:
I have highlighted a cup formation that formed from 1969 to the end of 1971. It took about 33 months to form the cup. If one counts 33 months (the time the cup took to form) after price went higher than the peak of the cup, then one gets to the point where the final rally to …
Take immediate steps to protect your wealth . . . NOW!
That’s exactly what many well-respected economists, billionaires, and noted authors are telling you to do — experts such as Marc Faber, Peter Schiff, Donald Trump, and Robert Wiedemer. According to them, we are on the verge of another recession, and this one will be far worse than what we experienced during the last financial crisis.
Marc Faber, the noted Swiss economist and investor, has voiced his concerns for the U.S. economy numerous times during recent media appearances, stating, “I think somewhere down the line we will have a massive wealth destruction. I would say that well-to-do people may lose up to 50 percent of their total wealth.”
Legendary gold trader Jim Sinclair sent out an email alert this weekend advising readers that the current rally in gold and silver is the long awaited BIG ONE, that $50 silver is a given here, stating that the current move: This gold bull price phase is the one long predicted here that will return the most money to the fewest in the shortest period of time.
Sinclair states that as long anticipated, the bullion banksters have flipped and have clearly begun manipulating gold and silver to the bullish side, as the most massive move of the entire bull market lies directly ahead.
The manipulation of the price of gold now favors the bullish side of the gold price structure.
“For the first time in a while silver looks like a deep value play. All you need is a supply shortage and that can be a major catalyst.” -Andrew Chanin, PureFunds
By the behavior of silver and gold spot prices over the past two plus weeks it almost appears the breakout is underway. Perhaps it is as many would like to think. But let’s not speculate ahead of ourselves without support of logic and the holding of no misconceptions about metal price rise. Fact: the price of silver and gold is going up, because the value of fiat currency is going down.
This article intends to make a case for precious metals with examples of mine-production decline and supply shortage, where and why the trend is most likely to …