Tuesday, April 09, 2013
Written by Staff – Streetinsider.com
With recent U.S. economic data hitting a bit of a plateau, including last week’s non-farm payroll miss, many states are turning distrust in the Fed into a new gold standard. Literally.
Following Utah’s passage of a bill in 2011 which recognizes gold as legal currency, many other states are vying for the same measure. The move is mostly symbolic given you still aren’t able to pay for everyday goods with a nugget of the precious metal, but emphasizes overall lack of confidence in the U.S. dollar.
Other states looking to pass similar bills include Kansas, South Carolina, and Arizona, among others.
Further easing measures by the Fed would devalue the U.S. dollar even more, setting up the economy for the fourth-straight summer of currency weakness. February consumer prices rose just 1.3 percent, versus a 2.0 percent gain expected by the Fed. Last week, 88,000 non-farm payrolls were added for March, compared with expectations calling for additions of 190,000 jobs.
After Gold Crash, Experts Point to Central Bank Manipulation
Tuesday, 16 April 2013 13:01
In the wake of gold prices cratering in recent days, more than a few prominent experts have already started pinning the blame on Western central banks — especially the Federal Reserve and the European Central Bank (ECB). According to numerous analysts, the central bankers are desperate to salvage their fiat currencies and eliminate competition as “monetary authorities” continue to create ever-greater quantities of euros and dollars out of thin air.
Some experts, whistleblowers, traders, and former officials say the Fed dumped as much as 400 or even 500 tons of “paper gold” on the market — metals that it might not even have — as part of a naked short sale aimed at driving down the prices. Other analysts, especially among the establishment, pointed to the ECB chief’s recent suggestion that struggling European authorities in countries such as Cyprus would have to sell their precious metals to keep receiving bailouts.