I guess it's official now. I'm referring to a double dip in the housing market. According to the S&P/Case Shiller composite index, housing prices have fallen below crisis levels reached back in April 2009.
Then, there's the bad news! Jobs are becoming more scarce. Not only are jobless claims on the rise but fewer and fewer are being created. All this is taking place against a back-drop of a stumbling stock market and plummeting dollar.
Meanwhile, gold is edging higher, silver is holding down the fort while both platinum and palladium indicate a rush to safety now has more precious metals destinations than just gold. As hard as we try to be optimistic, even a monkey with a calculator can see that all the kings horses and all the kings trillions of dollars in stimulus, haven't even begun to put the economy back together again.
We're right back where we started this crisis from only now we're laden with trillions more debt piled on top of the old crisis. Wake up and smell the dead fish! There has never been a stronger argument for owning gold than the one to which we now bear witness.
Since the credit crisis unfolded and the battle to recover the economy began, gold prices have doubled. Really, given the fact that there is no recovery underway and the data proves it, is there any choice but gold, to protect and grow what's left of your savings and retirement accounts?
One of my friends referred to today's gold market as a do-over. If you underestimated the severity of the crisis in the beginning, along with the potential for gold to grow in relative dollar terms, right now you get a do-over. Only this time the future is even more clear. Even if we throw trillions more dollars at the sinking economy, it's really only prolonging some inevitable event.
Whatever event it was, that we were trying to avoid by printing money for bailouts and stimulus, now threatens with even greater consequence. In a CNBC article today, it says More Americans Think Economy Will Never Recover. Can your savings and retirement accounts survive never?
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