It seems like things just never get better. New legislation promises to make our lives harder when what we really need is for the government to just leave us alone. I'm sure there are some beneficial programs included in the Inflation Acceleration Act just signed by the President. Lower drug prices will no doubt help many Americans in the short run.
The IRS budget increase of something like $80 billion to hire 87,000 more agents is a harbinger of what’s coming. If you were afraid of having money in the bank before this should give you nightmares!
The most repressive agency in the entire Federal government is now going to be one of the largest. When the IRS visits you, your rights go out the window. They don’t have to prove you did anything wrong - you must prove you didn’t. They can freeze your accounts and take your money and it's up to you to try to get it back. They tell us they're only going to target billionaires. Rich people are hard to harass with their CPA's and tax lawyers. Plus, it's easier to go after people who can't afford to fight back.
You don’t have to be a genius to figure out why the government wants to “invest” $80 billion in an agency that has free reign to collect taxes. They expect a big payback.
Having some gold and silver stashed away seems like a good idea. They can’t throw a switch or push a button on a computer to take it away. The worse part, in my opinion, is that the $200 billion they plan to raise will just be frittered away on some ridiculous program in a matter of days. They don’t mind harassing and bleeding Americans dry just to turn around and give the money away. It would be different if the money was used responsibly. Add to this the pure arrogance of this administration to even admit there is a recession or inflation and it's easy to see why things keep getting worse.
According to Biden there was NO INFLATION last month and he wants a big pat on the back for bringing down gas prices - even though I am still paying about double for my gas than when he got in office.
I am not trying to make this purely political. I don’t care who is in charge if they screw the economy up this much.
Inflation is not going anywhere. Over $3.8 TRILLION has been spent since this administration took over. Even Biden's own people are saying that they “think” a year from now inflation will be growing more slowly!
What? How is that anti-inflation?
Forty plus years ago we had a similar situation under Jimmy Carter. When Carter took office gold was $133 an ounce. By January 1980 gold went to $850 an ounce, a 539% increase! That means in today's market gold would go to over $11,500. I am not predicting that kind of massive move. But even if the gold and silver markets move a third of that we would see some pretty crazy prices.
The only thing holding gold back is the strong dollar. The dollar is strong because our interest rates are so much higher than other countries. That can’t last. At some point they can't raise rates further because the interest payments on U.S. debt will crush us. Inflation is worldwide and other central banks are raising rates, albeit at a slower rate. It's hard to say the dollar is strong when its worth 1/50th of what it was in 1971.
Gold and silver can fluctuate. That is simply what markets do. So many people give up or refuse to buy when prices are down and instead chase the market when it rises. I sold a lot more gold when it was $2,000+ than when it was under $1,700. Go figure.
I search for good deals daily. I can tell you they are getting harder to find. Here are few good buys I have currently.
The Royal British Mint has been more aggressive in their pricing lately and are offering discounts. Gold US Buffaloes are currently selling for less than Eagles, which is very unusual. I WILL HOPEFULLY BE PURCHASING A SMALL NUMBER OF ½ OUNCE GOLD EAGLES NEXT WEEK. If you are interested email me back and I will contact you before I offer them.