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March 18, 2011 / Jeb

Gold and Silver Moving Higher On Japanese Earthquake And Libyan Crisis

Last week the Japanese earthquake darkened the skies with an unexpected flock of black swans. On top of an act of nature, we have the persisting presence of eurozone debt fears, currency wars, the Middle East unrest, and the near bankruptcy of many states in America. The Wisconsin problem goes far beyond one local state; there are 46 Wisconsins that have accumulated billions of dollars of deficits. States have more than trillions of dollars in pension obligations which they will be unable to pay. Unions are unwilling to budge and have taken to the streets in protest. Sheer survival mandates humongous cuts in spending. This places US states between a rock and a hard place as they will have to incur serious job cuts with an already high unemployment rate. This is combined with geopolitical issues in the Middle East, where Israel is mourning a family of five, including a four-month old baby, all of whom were murdered in their sleep on the Jewish Sabbath by Palestinian Terrorists over the weekend. I expect the situation to intensify as the region grows increasingly anti-Western.

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