Precious metals news

Fund Manager Dave Kranzler explains why life is about to become medieval for everyone....

The Federal Reserve Bank of Atlanta’s GDPNow estimate released today reveals a terrible early forecast for third quarter gross domestic product (GDP) growth. It’s especially bad when compared to Wall Street expectations.
The GDPNow model puts Q3 2015 GDP growth at 0.9% – that’s a 50% drop from just three days ago. The Atlanta Fed explains:
The model's nowcast for the contribution of net exports to third-quarter real GDP growth fell 0.7 percentage points to -0.9 percentage points on September 29 following the advance report on U.S. international trade in goods from the U.S. Census Bureau.”
What’s most telling about this report is how different the GDPNow forecast is from the “Blue Chip consensus,” which is the expectations of mainstream business economists followed by Wall Street. Check out this chart:

Just hours before Congress passed a funding bill last night, David Stockman appeared on CNBC to explain why the United States needs to experience a dramatic government shutdown. He argues, like Peter Schiff, that US debt is a massive bubble waiting to burst. Though one of the CNBC anchors agreed with him, another argued that the US debt load is very manageable. They also disputed his claim that the Federal Reserve is the main culprit behind America’s “fiscal paralysis.”
[The debt load] is not manageable at all, because thanks to Yellen and her merry band of money printers, we are not paying the true cost of the debt. This year, it’s $230 billion on $13 trillion of public [debt]. That’s 1.75%. That’s ridiculous. When it normalizes – which it will someday – we’ll be paying $400-500 billion more at a minimum. So I blame the Fed. The Fed is the number one culprit in this whole fiscal paralysis, because it’s told all the politicians, ‘You can kick the can, you can dodge the bullet.’"...

The demand for physical silver is absolutely through the roof.
The mainstream media has finally caught up with a story we began reporting on back in July. Yesterday, Reuters reported booming worldwide demand for silver coins:
The global silver-coin market is in the grips of an unprecedented supply squeeze, forcing some mints to ration sales and step up overtime while sending U.S. buyers racing abroad to fulfill a sudden surge in demand. The U.S. Mint began setting weekly sales quotas for its flagship American Eagle silver coins in July because it can't meet demand, and the Canadian mint followed suit after record monthly sales in July. In Australia, the Perth Mint sold a record of more than 2.5 million ounces of silver this month, nearly four times more than in August, and has begun rationing supply of a new line of coins this month, a mint official said."

Investors have withdrawn a record amount of gold from the Shanghai Gold Exchange over the past year, signaling a steady increase in demand in the world’s largest gold consuming country.
Bloomberg reported the most recent numbers:
Withdrawals jumped 37% to 1,891.9 metric tons through Sept. 18 from 1,380.9 tons a year earlier, according to data on the bourse website. Trading increased 150% in the first eight months, said Liu Liang, a spokesman for the exchange, the world’s largest spot bullion market.”

This is just the beginning...

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Watch GDP For The World

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