Is gold’s run over? Let’s look at some facts.
The amount of money the federal government owes to its creditors, combined with IOUs to government retirement and other programs, now tops $15.23 trillion. That’s roughly equal to the value of all goods and services the U.S. economy produces in one year: $15.17 trillion as of September, 2011.
Among advanced economies, only Greece, Iceland, Ireland, Italy, Japan and Portugal have debts larger than their economies.
The U.S. government spent over 454 billion dollars just on interest on the national debt during fiscal 2011.
The debt ceiling stands at nearly $16.4 trillion. Some predict the U.S. will run out of money by September 2012. The next increase to the debt ceiling could be as high as $2 trillion.
The U.S. dollar, the euro, the yen, all the world’s currencies, are being de-valued by the massive money creation that has taken place and that will continue to happen. Gold’s not really rising – it’s fiat currencies that are falling.
The fact that gold is being treated as money, the fact that gold is being valued according to its relationship with other currencies, the fact that the world’s central banks are buying, and not selling gold, should be on all our radar screens, are these truths on yours?
The Market Oracle