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IS SILVER WORTH IT?

BUYING GOLD/SILVER, GOLD & REAL ESTATE, GOLD & SILVER, SECURING GOLD & SILVER, STOCKS AND GOLD/SILVER   No comments yet

The truth is only the precious metal faithful are still buying silver or gold……. at least here in the US. Those who aren’t continue to irresponsibly invest, directionally speaking, thanks to the greatest wealth intervention in history. Far too many weigh PM (precious metal) up against other investments without considering the monetary difference, challenge, and purpose. Today’s DOW explosion is the purest example of such intervention. If we are to compare the two assets, DOW vs. PM, intervention gives the DOW a half track head start over precious metal all while spectators ask, “what’s up with precious metal and why is it pacing so far back?”

I see just two types of investors these days. The first type chooses to remain clueless as long as “experts” drum a rising DJIA and housing market. This type cares not to question “why” and too busy living life to question manipulation, intervention, record borrowing, or anything else for that matter. The second type is as concerning because these folks perfectly understand why the DOW and housing are rising but don’t care as long as they’re getting theirs.

The tiny sliver (sliver not silver) nestled between the two types aforementioned is you, the PM holder. You discretely stack discounted metal realizing the law of economics will soon and suddenly forever change this generation’s view of investing. I congratulate you for your tenacity.

It’s hard to get up each morning and then tell ourselves to stick to the plan. Metal experts sound like a broken record each time they predict a PM breakout that never seems to happen. Are these experts wrong? Is it possible the days of rising silver or gold are over? We both know the answer is “no way”.

Once wealthy countries like the US can no longer afford our current fiscal path. Our job market will no longer support the costs of everything from education to mortgages, pensions to property taxes. This tension causes a fiscal conflict that adversely affects nearly all aspects of our lives. This tension is also the reason politicians and governments have stepped beyond our constitutional rights of privacy and capital control.  Neither form of overreach will change anytime soon.

The word selfish surfaces in my mind this morning as I try to explain today’s complexity while living in a 21st century world. Investors succumb to selfishness as they watch a debt derived DOW add inflationary dollars to a bottom line. Politicians practice selfishness as they print dollars in order to maintain another round of power therefor appeasing a growing class of dependency.

Someone recently asked, “Where does it all end?” This is a good question but one far beyond my pay scale, sorry. My guess, it ends right where it all started some time ago. Was it that long ago when folks relied on each other and not a gov’t program? Was it that long ago families, churches, and other private organizations took care of those in temporary need? Was it that long ago we traded effort (cash) for healthcare, cars, houses, meals, etc. - not debt?

Could the end actually be a beginning? Is it possible the end is nothing more than a recurrence built from sound money and limited government? Can monetary intervention last forever without true growth within the economy? Maybe I’ll keep stacking silver and gold just in the off chance I’m right!!

I heard several great questions this week but two in particular really caught my ear and eye. I’m guessing if someone is willing to ask then others are quietly doing the same. As always, thanks for sharing your time with TPS.

QUESTION:  I’m new to precious metal and have a simple question, thanks. What will keep silver from someday dropping to a point of no value? It appears headed in that direction now.

TPS Reply:  Boy, no kidding. What a great question so thanks for sharing. Although highly unlikely, silver could decline to a point well below today’s offering. Such a scenario is, in my opinion, a short-term possibility when we consider today’s economic climate of accumulative fiat debasement and devaluation. The fiat currency experiment is building toward a climatic end that won’t bode well for most investors.

The majority of those considering silver, maybe you too, are judging the worthiness of physical metal on past performance. In other words, we buy or don’t according to today’s price far over the overall economic picture. Falling silver prices must mean silver is no longer a worthy investment, right?

Here is my recommendation to you and all those considering physical silver. Ask yourself if you truly internally believe economic recovery is real. Is the DOW rising because corporations are profitable or is the DOW rising because everyone is blindly jumping in? Is US housing in recovery or too-cheap-to-be-true mortgages spurring the next real estate bubble?

And the most important question to ask; what would the economic picture look like if not for the trillions of FED/US Treasury created dollars supporting everything from food stamps, healthcare, housing, military, banks, DJIA, pensions, Social Security, foreign banking, foreign government, etc? Because if you believe an economy 100% dependent on printed money is sustainable, please don’t buy physical silver.

Regardless, thanks for the question and following TPS.

QUESTION:  Although your book (Storing Silver & Gold) is interesting – I have a better plan. I’ve owned, and personally store, gold jewelry and bullion at home without a floor, wall, or standup style safe. It makes more sense to keep something of value in places a thief would never consider. To me, a safe communicates storage of wealth but something hidden says the opposite. Am I off base with my storage plan?

TPS Reply: No, not necessarily. A storage plan is extremely personal for obvious reasons. I wrote Storing Silver & Gold to make one huge significant point for those practicing the independent voyage into PM. Each person storing wealth within PMs must spread the risk among two to three storage options and methods. Simultaneously, it is recommend to keep at least 1/3 of your physical metal within arm’s reach or with someone trusted and close by.

TPS has other readers who also store bullion and jewelry in fake drawers, cabinets, tubes, walls, rooms, toilets, fireplaces, firewalls, etc. My opinion is if hiding PM outside a safe is what makes you most comfortable – then so be it, but. I encourage all readers to consider the possibility of fire damage along with the risk of theft. Gold will melt, as most know, and such a risk is as real as the odds of your home or office burning down (by the way, the PM insurance often mentioned at TPS will not cover PM improperly stored outside a safe, to my knowledge).

For what it’s worth, here is what my book research proved. The right safe, as part of a complete storage plan, sends a signal to a would-be thief that this family is prepared and protected from such an intrusion. Maybe the best plan for you is a combination of my recommendations and your existing plan? Thanks for the comment, reading my book, and question too.

 

DC Carlton is founder of The Prospector Site and author of the Amazon Kindle #1 Bestsellers Why Silver and Gold Will Go Higher and Storing Silver & Gold. If you’re looking for trustworthy PM assistance feel free to contact DC regarding his personalized consulting service. TPS doesn’t sell silver or gold; we represent you, the buyer, looking for affordable precious metal from honest trustworthy sources. Feel free to register here for his free online newsletter that provides precious metal insight rarely mentioned from mainstream media sources.

 

 

 

 

 

 

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WHY NOW IS THE TIME TO BUY SILVER

BUY AMERICAN, BUYING GOLD/SILVER, GOLD & SILVER   No comments yet

I’m not sure who said it but it’s worth repeating. The best time to buy silver was ten years ago, the second best time is now. This week TPS (The Prospector Site) received our share of emails asking if now is a good time to buy or wait in hopes of a silver price dip. I understand the thinking but to me personally the risk doesn’t out way the return. Over the next few hundred words I’ll explain why I feel now is the time to buy silver.

Few will disagree when I say the world is changing before our very eyes. Germany has asked the US to return all physical gold stored in the United States. The rumor is this gold, German gold that is, is no where to be found. Domestically, this administration is “all in” as they ask Congress to erase the debt ceiling even to the point of warning anyone standing in the way of such fiscal irresponsibility as a obstructionist.

This week alone President Obama warned those opposed to raising the debt ceiling, increasing the national debt, as “responsible if our economy falters”. Never before has this author heard such a political admission of bankruptcy as when the President of the United States admits the only choice is diving deeper in debt. The USA has reached the monetary point of no return from the lips of our own president.

Let me be perfectly clear here. I hold no political bias; my objective is nothing more than to compare facts of the day to PM (precious metal) relevance. I have my political opinions, like you do too, but they shouldn’t play into your decision to buy or not buy silver.

When a country reaches such a point of borrow or bust it matters little the price of silver or gold. The only issues are how much one can afford, where you will buy it, where will it store. Maybe at this point I should share an email we received this week to better clarify my point.

QUESTION:  I am looking into purchasing a few thousand dollars of silver coins (junk) from a reputable local coin shop here.  Do you recommend I wait for awhile to see if the price drops (like sometime this summer)?  I am in my mid 50′s,  Please advise.  Thanks.

TPS:  I love this question for many reasons. It proves Americans are waking up and taking control of their financial future. This reader, proved by their wording, has taken the time to research silver (by the mention of “junk”), check out a local silver source (by mention of a reputable local coin shop), and now timing their silver action (aware of the benefits of buying on a “dip”).

This “think for myself” mentality is exactly what it will take to sludge through 2013 and beyond.

TPS exchanged an email or two with this reader and I’m willing to bet a bullion ounce of silver they will soon buy some, if not already. We can look at today’s mania around the gun and ammo craze as a perfect example of future PM demand. A combination of fear and reality has nearly emptied gun store shelves. The run to silver will soon follow the same type of mania. The reason I know this rests in the paragraph below.

The United States Mint has temporarily sold out of 2013 American Eagle Silver Bullion coins.  As a result, sales are suspended until we can build up an inventory of these coins.  Sales will resume on or about the week of January 28, 2013, via the allocation process. GOLDSILVER.COM

Any event can trigger a run to silver that leads to an “allocation process“. This is something we’ve written about many times on TPS and completely expect to soon witness. My gut tells me silver allocations will become spotty and then turn into a common part of the PM marketplace.

My advice, for those who choose to own silver, is to build your stack before silver allocation rules the silver market. This demand will affect silver prices both positively and negatively depending on what side of silver ownership you’re sitting.

 

DC Carlton is the founder of The Prospector Site and author of Why Silver and Gold Will Go Higher. Feel free to register here for his free online newsletter that provides precious metal insight rarely mentioned from mainstream media sources

 

 

 

 

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TIME TO BUY SILVER & GOLD? One expert recommends patience!

BUYING GOLD/SILVER, GOLD & SILVER, GOLD AND MONEY   No comments yet

Okay, I admit it, I find myself asking if now is the best time to add more physical metal to my 10-year-old stash.  Also, I admit paying little attention to what motivates silver and gold, short-term speaking, since most short-term influences are beyond me. We both know Europe is in the death throes of financial hardship as good currency chases after bad. We both know the smallest spark could send PM (precious metals) skyward with little warning. Yes, we both know a limited supply of physical metal could disappear overnight too.

But today’s investment writer makes a good point to wait and I won’t argue with the valid points he makes.  I’m very appreciative that Precious Metals Digest founder Jim McCraigh is willing to share his opinion on why now might not be the best time to buy physical metal.


Jim McCraigh Q & A

Question: Jim, tell us a little about the motivation behind Precious Metals Digest and where you see the site going from here?

Jim M. –I have been interested in investing since first going to work for a commercial bank in 1971, especially in the real estate and precious metals markets. Precious Metals Digest was created to sift through the avalanche of articles, videos and blogs on PMs…some of which is very good and some of which are not so good… and present the best to readers in an engaging and informative fashion. The site will eventually feature more vetted guest writers to offer a diverse set of viewpoints. I’m personally not a gold bug… per se, but I am an investor who wants to make money by either buying or selling different PMs. We will also cover some of the miners, along with platinum, palladium and rhodium going forward.

The mission of the site is to serve investors by helping them navigate the world of PMs. We’ll do this by sharing with readers the things that I would want to know myself as a PM investor. The site is designed to be an alternative to mass media noise and present the facts so that the reader can decide for themselves. We won’t be a news site as such since there are already some good ones out there. However, we will include focus on global and US macro-economic issues and other markets (equities, bonds and currencies) to the extent they affect PM prices.

Question:  I take it from reading your posts over the last month that you would advise those on the PM sidelines to patiently wait to see how this dip shakes out, is this correct and why or why not?

Jim M. — I ‘m glad you asked that question. There is likely some more volatility ahead for at least the early to mid summer period. I’m still preaching patience for both buyers and sellers here, but we might better substitute the phrase “disciplined approach” for patience here. For sellers, that means not trading out of positions in an emotional or fear-based way, but hanging tough until we begin to see the hint of a decent volume-based uptrend again. The only exception to this might be if someone has carefully considered trailing stops in place that are crossed and they sell as part of their overall trading discipline. What I want my readers to understand is the back story for precious metals is still intact… politicians globally will choose to react to deflationary pressures and sovereign debt issues by massive money printing measures.

Buyers should realize that gold is in a secular bull market, and that some attractive entry points may present themselves this summer because of anticipated volatility. As things continue to deteriorate in Europe, we could see more short-term strength in the dollar that puts pressure on prices…. But on the horizon for late summer are some potential market movers like a QE3 that could spike PM prices upward. Gold’s moves will be big in the coming months and years. There is no need to try to time the market here. Sometimes investors feel that they have to DO something. Being patient (and disciplined) IS doing something!

Question:  I’ve noticed at TPS my readers lose interest during times of PM dips. In your opinion, are we as investors too concerned with short-term PM fluctuations?

Jim M. –Unless an investor is a day trader (I wouldn’t recommend it unless you are a true expert) short-term price movements should mean very little to most folks. What’s important is the longer term trend line measured in weeks, months and years… not daily or weekly closes. Reacting to short-term price moves is like driving while only looking at the road a few feet ahead of the car. Sooner or later you’ll rear-end a slow-moving truck ahead that represents the trend line and there will be some serious financial damage.

It is interesting you mentioned that there is often an apparent loss of interest during dips. The smartest investors will strategically buy those dips (read opportunities) in a disciplined way while the herd will wait too long and pay too much. If we pay too much, we will rarely make any money or even worse lose big chunks of principle. For me, investing in PMs (or equities or bonds) is a year-round endeavor, not a one month on and two months off kind of thing. If an investor is not willing to be active, they should engage a licensed professional financial advisor to help manage their money.

Question:  Can you share with our readers what other assets (investments other than gold/silver) you see as solid considering today’s economic volatility?

Jim M: –What I can tell you is that I own some agricultural commodities right now… As the world prospers, the first thing people want with their new-found money is more and better food. This will cause some demand based price inflation. So I would want to own some of those here and ride them up over the long term.

I am long GLD, SLV, PHYS, NEM and RJA

Thanks Jim and we look forward to following you at Precious Metals Digest.


News Worthy:

Slate: The Coming Global Recession

America is still recovering from the Great Recession and Europe is melting down, yet from a global perspective, the economy has never been as healthy or prosperous. The world economy enjoyed amazing growth from 2002-08, took a small dip in 2009, and then went back to growing. Sadly the good news seems to be coming to an end in Brazil, China, and India, and that’s horrible news for us.

More alarmingly, both China and India are running into trouble. Catch-up growth, in which a poor country improves its public policy, begins importing foreign production techniques, and gets rapidly richer is a time-honored Asian tradition. We saw it in Japan, then South Korea, then Taiwan and other Asian “tiger” economies in the 1980s and ’90s. China and India are so large that their catch-up growth was able to raise the entire worldwide rate of economic growth. That’s why the world economy kept growing through the 2008-09 financial calamities. Read it here.

TPS adds, what this article lacks to mention is even emerging countries were beneficiaries of the U.S. bubble economy.  In other words, the world recession was postponed by a consumer based economy dependent on debt and deficit spending. Credit tightened and now recession becomes more obvious. Sounds like a good time to be vested in gold.

News Worthy:

The Gold Report: Will Gold & Silver Fall All the Way With the Euro?

What we’ve seen lately is gold and silver prices moving with (and often faster, both ways) than the euro, but the link remain solid. With concern for the future gold and silver prices in mind, it’s time to examine this relationship to see where it’s taking these precious metals. With the Eurozone crisis moving to potential ‘runs’ on Greek and Spanish banks, the future of the euro is now on the line. A look at a precipitous fall in the euro and the potential for gold and silver to follow is warranted. Investors should be prepared for very volatile and surprising gold and silver price moves. Read it here.

News Worthy:

The Gold Standard Now:  2012 –Good Money & Jobs vs. Easy Money & Stagnation

The 2012 presidential election is shaping up to include an argument over opportunity versus equality.  The American economy has been stagnant for a decade.  Income for working men has been stagnant (or even contracting) for 40 years.  Why?

40 years ago is when America started abdicating its classical high-growth monetary policy, the gold standard.  We abandoned good money to chase after a chimerical improvement of easy money — ostensibly to promote job growth.  But as 40 years of wage stagnation has shown, easy money has failed. Read it here.

TPS adds, since releasing Why Silver & Gold Will Go Higher,I often hear questions that lead me to believe many who own PM don’t truly understand why they are so necessary. The last forty fiat years are proving to be more disastrous than most realize but this oddly works in favor of real money holders (yes, even with today’s meaningless dips). Please take time to gain a basic monetary understanding before trading currency for silver or gold.

Comments & Questions:

Question: I just started reading TPS and new to silver and gold investing. Any pointers for someone new?

TPS Reply: Very cool and welcome aboard. You are taking the necessary steps to first educate and then decide if silver and gold makes sense to you. Your question is a common email we receive several times a week, here is my advice. Read everything related to physical gold. Don’t rush into buying either metal. Do begin a plan how to relocate wealth from declining paper assets and into real assets like silver and gold.

Be sure to read First Steps to Buying Gold & Silver posted last Fall on TPS.

Comment: In my opinion, the derivatives market collapse could make the housing and stock market collapses look incidental!

TPS Reply: Yep, I 100% agree and will also bet less than 10% (invested) have a clue the risk of derivatives. Some experts estimate the derivative total exceeds an astonishing $700 trillion, can you imagine.  The run to real money, like PM, comes when the average working guy realizes his retirement is layered in piles of paper promises, like derivatives. I will roll the PM dice any day over piles of paper. Thanks for the comment.

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EVAPORATING WEALTH

BUYING GOLD/SILVER, GOLD & SILVER, GOLD AND MONEY   No comments yet

As I write today gold & silver prices continue to climb from last quarter’s decline.  Gold is up a respectable 13% year to date and silver an amazing 22%.  Some ask what this means so I thought today we should devote a few words putting it all into context.  Only after careful consideration can I honestly say the precious metal increase of 2012 means actually nothing.  The only exception is if February 22, 2012 is the day you decide to liquidate some or all of your personal PM holdings.  If not, then this is just another gold spike like the millions before it.  The long-term benefit of holding real assets (hard assets) continues to look favorable but short-term metal is still unpredictable.


I see no need to predict silver or gold’s future but, more importantly,  continue to provide yet another example of its worthiness.  Some of us create our own monetary obstacles by not considering something like PM diversification.  Today’s small business climate is a perfect example of what I’m describing.  Get up early, work long days, maybe even weekends, and all is okay, right?  Well maybe not.

This site often provides the harsh reality of how much wealth is lost in today’s real estate market. This loss is measurable (Zillow, etc) and the ramifications of an uncontrolled housing bubble will have long-lasting effects for all of us.  Less noticed is a great wealth evaporation few understand and certainly rarely discussed.  This wealth loss is yet another reason to protect wealth with PM.  The great wealth evaporation few discuss is the declining value of today’s small businesses.  It is hard to put a number on such a loss because nothing really tracts business value, at least not small business values.

You may feel because you’re retired, work for a big business, or a government worker this type of loss doesn’t relate to your situation, I’m sorry but you are wrong. When small businesses struggle bad things happen and these bad things are on a local level.  Local unemployment increases, local loss of tax revenue, loss of local expansion, and worst of all, loss of a local business.  When General Motors shutters a plant in Michigan the effects of such a closure are devastating but mostly within the plant community.  When small businesses suffer on a larger scale, like today, this devastation affects communities across the board.

You won’t find much for bailout or stimulus offered to small business and to be truthful the type of folks owning small businesses aren’t receptive to gov’t handout. They’ve built businesses from hard work, honesty, customer service, and by developing a business friendly reputation.  As honorable as these traits are most small businesses fail to realize the level of wealth evaporation taking place.  Their focus is on creative ways to keep doors open and squeeze a little profit out along the way.  It’s sobering how little monetary value such a business has in today’s economy; I see little opportunistic changes anytime soon.

If you’re reading this thinking, “Yes this describes my situation perfectly but what can I do then here’s a suggestion.   We should also include independent contractors to our list of struggling small business owners to be fair. Let’s say I asked you to sit down and list each business asset and place a dollar value next to each one.  Inventory, equipment, desk, accounts receivable, cash, etc would probably all be on your list.  What’s not on your list is the #1 asset of your business, YOU.  Most small business owners fail to value themselves as an asset because they don’t see tangible value in themselves.  This is a huge underestimation of worth because it is only from your tenacity, hard work, and business principles the business prospered as it has.  These same principles can be plugged into a billion other services or ventures within growing industries.

Over the last few years I’ve sold off, piece by piece, a business in a dying industry in a heavily taxed/regulated state. My declining business had nothing to do with my staff, hard work, or ability and we left no creditors unpaid or customers unsatisfied. The business declined because our industry as a whole declined and nothing can be done to change this fact.  I realized several years ago this was coming and decided to liquidate assets while they still held real value.  Some proceeds went into gold and silver, some went into a new business plan within a growing industry.  The one constant being the same principles I used to build one business will be affective to develop another venture.  If you are stuck in a dying industry I urge you to evaluate options while they still exist.  Don’t in actively watch wealth evaporate when something can be done differently.

WHAT DO YOU THINK?  IS IT WISE TO LIQUIDATE A BUSINESS OR PARTLY LIQUIDATE IN ORDER TO  BUY PHYSICAL GOLD & SILVER?  REACH ME HERE.


COMMENTS & QUESTIONS:

QUESTION:  Thank you for hard work on this site, I have a question but first want to say how much we enjoy reading your views on gold, and especially silver.  I agree, everyone should own gold (this is my goal) but many of us can hardly afford silver, much less gold.  I began buying silver in 2010 but not as much as I hoped to.  Do you think the price of silver will decline where more can afford to own it?  Do you think I should try to buy more now? I doubt I’ll ever have enough to buy gold.

PROSPECTOR ANSWER: Thanks for the kind words and your question.  You are wise to own silver and I wouldn’t sweat not owning gold if I were you.  Gold is extremely valuable in its own way but silver has the same monetary attributes but also carries commodity value far above gold.  The world is thirsty for smartphones, tablets, etc and all need silver for its conductivity.  Now, to answer your when to buy silver question and will prices come down.  I can answer your question with three words, I don’t know.  To be honest, no one honest knows either but this mustn’t distract you or anyone else from the plan.  The plan is to use personal wealth relocation in your favor and as you feel necessary.  For some this is selling a property to buy PM, for some this is selling an RV, boat, piano, you name it because for now these assets have value.  I urge you to think beyond the limits of a monthly budget and more about wealth relocation.  Thanks for the question.

QUESTION:  I’m hoping you’ll write more about gold confiscation soon, this has my husband and I sleepless?

PROSPECTOR REPLY: It must have many sleepless because we receive our share of comments about confiscation.  I just wrote a book chapter on five forms of confiscation including the one keeping your family up at night.  Let me first say worry is rarely good, this comes from a life long worrier, so trust me.  Many of us falsely believe since gold confiscation happened in 1933 it will happen again, this is not necessary true.  The gold world is vaster today than ever before and confiscating gold is nearly impossible (nothing will send PM prices skyward like a confiscation proposal).  Many readers own gold in several countries and this gold wasn’t produced, sold, or stored in the US so confiscation is unlikely, at best.

But confiscation has many definitions and any exorbitant gold tax is confiscation that is if metal changes hands.  Nothing I can think of supersedes necessity of owning precious metal, not even the many forms of confiscation.  Can you imagine the underground PM economy from just a rumor of confiscation?  Thanks for the tiny question, now go get some rest.

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WEEKLY WRAP

BUYING GOLD/SILVER   No comments yet

All week we have posted why gold and silver will climb, protect, and offer a stable source of real money only to those willing to trade dollars for metal.  Today we will feature article highlights as proof of failing attempts to stabilize economies by adding more debt and government interference.  World wide we are seeing the adverse reactions to massive debt and the question has to be how much longer will the middle class and down allow this?

MARKETWATCH: “Debt Fight Endangers U.S. Creditworthiness”

“Historically, the government’s deficits have been funded largely by foreign investors, to the tune of about 50% of all issuance. But recently a new buyer of U.S. debt has emerged: the Federal Reserve, which has committed to buying almost $1 trillion in debt (in addition to $1 trillion in mortgage-backed securities) and has quickly become the world’s largest holder of U.S. government bonds.”

msnbc.com news: “Spain Voting Begins Amid Mass Protests”

The elections are a key test of how much the party’s support has crumbled due to soaring unemployment and its handling of the financial crisis, and are seen as a prelude to general elections next year.

Tens of thousands of Spaniards demonstrated in the past week in city squares around the country against austerity measures that have kept a fiscal crisis at bay but aggravated the highest jobless rate in the European Union.

BLOOMBERG: “Egypt ‘Disintegrating’ as Economy Struggles”

“Right now, socially, we are disintegrating,” ElBaradei said on CNN’s “Fareed Zakaria GPS,” scheduled to air today. “Economically we are not in the best state. Politically it’s — it’s like a black hole. We do not know where we are heading

“People do not feel secure,” ElBaradei said. “They are buying guns” to protect themselves, he said.

REUTERS: “States Cut Money Sent to Cities, Counties”

(Reuters) – To balance their budgets, states are cutting funds they send to local governments, worrying many in the $2.9 trillion municipal bond market, from cities to rating agencies.

Investors are worried about the implications for the debt they hold, although Fitch noted some local governments have better credit scores than the states in which they are located.

REUTERS: “California Economy ‘On Mend’ Governor Wants Tax Hikes”

(Reuters) – California Governor Jerry Brown on Monday said the state’s economy was on the mend but that California still had a nearly $10 billion budget hole to close and insisted tax hikes were needed.

California, which if measured on its own would be the world’s eighth-largest economy, has struggled to recover from the housing slump and worst recession since the Great Depression. Its government has grown so indebted that financial markets fear it could damage the U.S. economy should its finances worsen.

msnbc.com: “Silver Prices Settle, but Sales Continue to Soar”

“For the average person, their silver and gold is one of the few things that has gone up,” says Phil Dreis, owner of the Antique Cupboard in Waukesha, Wis. “They’re facing the problem of more expensive food and gasoline, their wages haven’t gone up and a lot of sources of people’s wealth have disappeared. This is one of the few that’s been a success story.

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