Political theater at it’s best and most lucid.
It was the best and worst of times. Or as ZeroHedge notes, “This is what America has devolved to. Pretty much sums it up.”:
Hat tip for the ZeroHedge post and video to Mike Jackson on twitter: @bondscoop.
Gold took off this morning and climbed up near the $1,632 regions. It was fun to watch with ExactPrice 🙂
As I am starting this post (no telling how long I’ll be tabulating links today for it) the spot price is at $1,623.60.
Silver has been following gold and not performing as well as most would like but I think we’re seeing a nice platform set up here for things to head higher.
Apple Now Has More Cash Than The U.S. Government <- Very interesting. Here’s a snippet:
According to the latest daily statement from the U.S. Treasury, the government had an operating cash balance of $73.8 billion at the end of the day yesterday.
Apple’s last earnings report showed that the company had $76.2 billion in cash and marketable securities at the end of June.
Growth anemic, debt fight poses recession risk <- I still wonder just when it was we got out of the last one? If you look at jobs numbers I think we’re still in it.
Does Fiat Produce an Endless Sea of Wars? <- Makes some good points here on fiat currency, gold, and wars. I tend to think fiat can encourage wars and makes it easier to engage in them but as a rule a gold standard is not in any way going to stop war. Governments can go to war for gold just as well as for other reasons.
Roach Says Chinese Officials ‘Appalled’ by Impasse on Raising Debt Ceiling <- ht to Peter Grandich. Guess they’re worried they didn’t exit fast enough.
Richard Russell – Gold is Showing a Price Objective of $1,880 <- Worthwhile analysis over on KingWorldNews.
Jim Sinclair had this to say in regard to the possible downgrading of the USA’s credit rating:
Already the airwaves are hard at work saying a downgrade of US debt is no big deal.
Believe me, it is a big thing as it starts a walk down a very slippery slope.
U.S. Currency At No Risk Of Becoming Sound – Gold Has Spoken <- pretty simple statement.
CBO Analysis: Boehner Plan Better Than Reid Plan <- Not that the CBO is frequently listened to in DC mind you, but I suppose it’s something.
Lights Out For The US Economy As Its Biggest Cheerleader Hangs Up The Towel <- From ZeroHedge.
The Coming Global Instability, Part I <- You might find this of interest.
Well, that seems to be the extent of info I’ve come across today as we go into another weekend without the debt ceiling solved – or is raised the better choice of words. I’m not certain that raising it is going to solve it either. I am certain that raising it will not destroy the country… yet. But I also, think that there is a sound principle in play of having a spending limit. If you aren’t going to abide by it, time and again as our government has proven, then by all means get rid of the whole thing and quit acting like clowns. And by that I mean some of this silly rhetoric of hyperbole that so many are using.
Gold right now is sitting at $1,627.60. Silver is sitting at $39.90.