Want More Precious Metals News? Subscribe to Our Podcast!
Obama Rolls Out “MyRAs” to Steal Retirement Savings
Gold and Silver Looking Strong after Recent Rally
Don't want to listen? Read the podcast below!
Welcome to Money Metals Exchange's weekly market wrap podcast. Helping precious metals investors during these treacherous times. Now, here's this week's market wrap with commentary and analysis from the fastest growing precious metals dealer in America, Money Metals Exchange.
Welcome to this week's Market Wrap Podcast, I'm Mike Gleason.
Well, after breaking out strongly last week, gold and silver are confirming the breakout.
Gold prices haven't moved a whole lot this week, but they ARE holding above the important 200-day moving average that got taken out last Friday. As of this Friday morning, gold trades at $1,324 per ounce, up just barely for the week.
Turning to silver, it's seen a little more action this week than gold. Silver has added another 27 cents, about a 1.25% move. Spot silver prices currently come in at $21.81 an ounce as of this Friday morning recording.
The U.S. Dollar Index continues to trade just above the 80 level, where it may find some support. If the dollar starts breaking down, that would tend to add more fuel to the precious metals rally.
But it's worth pointing out that for all the focus on Fed tapering and its potential impact on the value of the dollar, the metals don't necessarily need more Fed stimulus or a weaker dollar in the foreign exchange markets in order to rally. The metals are truly global markets, with huge and growing demand from places like China having the potential to propel prices higher regardless of what happens to the dollar versus other currencies.
With the future of the euro in doubt and the Japanese government now seemingly intent in devaluing the yen, gold and silver have to be viewed as safe havens against all fiat currencies. Whether the next major currency crisis centers around Japan, Europe, the United States or somewhere else, you can bet that people seeking refuge from mismanaged national currencies will turn to precious metals for wealth protection.
The bigger the currency, the bigger the effect on precious metals markets when it falls. When a currency crisis finally hits home here in the United States, which seems inevitable at some point, the gains in precious metals could be more spectacular than even the bulls imagine. A crisis of confidence in the world's reserve currency has no precedent, so predictions are hard to make. Prudent investors focus on preparations that they can make, and those preparations surely must include accumulation of physical precious metals.
Well, as you probably heard, President Obama is rolling out what he calls the “MyRA.” It's like an IRA, but with no freedom to choose how and where to invest. The idea is to herd millions of low- and middle-income Americans into accounts that will hold nothing but low-yielding, dollar-denominated government bonds.
That's right, there is absolutely no ability to customize or personalize your so-called MyRA based on your investment objectives. The “My” in “MyRA” can only be understood to refer to Mr. Obama himself, since it's his idea, his rules, his deficits being funded, his one-size-fits-all investment program which is to be controlled by the government itself.
Perhaps the President aims to do for retirement accounts what Obamacare has done to health insurance…which is to say, limit choices, destroy markets, and ultimately compel all of us to participate. The day may come when the government forces us ALL to invest some portion of our retirement accounts in U.S. Treasury bonds.
Fortunately, that day isn't here yet. You still have the opportunity to truly take control of your IRA and break free from conventional financial assets through what's known as a Self-Directed IRA. You'll never hear President Obama promoting Self-Directed IRAs to the masses – central planners don't trust people to make their own decisions. But the truth is that anyone can establish their own Self-Directed IRA and fund it with alternative tangible assets, including certain types of gold, silver, platinum, and palladium bullion products available through Money Metals Exchange.
To learn how to set up a Self-Directed Precious Metals IRA, you can visit our web site – www.MoneyMetals.com 24 hours a day, 7 days a week– or give us a call and talk to one of our knowledgeable specialists during normal business hours.
Before we sign off for this week we want to remind you that there are only a precious few hours left on our 1/10-oz Gold special, and you better act quickly because we've already sold out of one of the four discounted items. Our 1/10-oz Lady Liberty rounds are all gone at this special price, but we're still offering slashed premiums on the most popular government minted 1/10-oz gold coins through the end of today, and you'll get the same low price whether you're buying just one coin or hundreds. Choose from either the 1/10th ounce Gold American Eagle, the 1/10th ounce Canadian Maple Leaf or the 1/10th ounce Australian Kangaroo, all of which are $150 or less during this limited time special.
And if you spend at least $3,000 or more in these discounted items, meaning about 21 coins at present value, you'll get free shipping and insurance on your entire order. Great prices on the most recognized fractional gold coins in the world – but only if you act soon because the sale ends today at 7:30pm Eastern Time.
To check pricing or to place an order either visit our website, again it's www.MoneyMetals.com, or call us at 1-800-800-1865.
Well that will do it for this week's market wrap podcast, thanks for listening. This has been Mike Gleason with Money Metals Exchange reminding you that we remain fully committed to getting you the most value for your depreciating dollar…with speed, with accuracy and with top notch service. Have a great weekend everybody.
Thank you for joining us for this edition of the Money Metals Exchange Weekly Market Wrap. Be sure to come back next week, and don't forget to subscribe to our weekly podcast through iTunes. For answers to all of your questions, or to discretely and securely buy or sell gold or silver coins, bars, and rounds, call 1-800-800-1865. Our knowledgeable and no-pressure specialists are standing by between 7:00 a.m. and 5:30 p.m. mountain time, Monday through Friday. Visit us at www.MoneyMetals.com or call 1-800-800-1865.