I am no expert on this subject, but I have heard from friends who are in “the trenches” that Obamacare is a disaster. Our closest friend in Miami is a very successful cardiologist. He bemoans the fact that they now have to wait for months to get paid for their claims by the insurance companies. It’s never been this bad. He says Obamacare is forcing many doctors out of business. The paperwork load is crippling their practice and the insurance companies make them jump through hoops and refuse to pay the claims that they submit. He wonders out loud if it is even worth maintaining his practice, which he has spent three decades building up. Another friend of ours is a long-time physical therapist. She stopped Susan yesterday and volunteered that since Obamacare, the paperwork has become a nightmare. I don’t solicit this type of information. These are long-time successful professionals who are watching their business’ suffer.
It seems to me that there will be financial consequences as well as inconveniences that most of us will have to deal with under this abomination called Obamacare. But then what else would you expect from an administration that rushed through legislation stating, “Sign the bill and we will find out what’s in it later.” Who is the fool here, the members of Congress who signed off on Obamacare without even knowing what they were passing into law, or us for voting them into, and keeping them in office?
Our newsletter is about financial events, but anyone who looks at our political situation, including our massive foreign policy failures, and is not worried about financial consequences is living in a dream world. Gold (and silver) perform at their best during periods of uncertainty and we are speeding down a freeway toward God knows what. You can’t possibly not feel this uncertainty and read our newsletter. We don’t create the information we present to you out of thin air. We tell it like it is – and then it’s up to you what you do with it.
Personally, I could care less what the big money boys who manage the hedge funds do with their money. It is their buying and selling of paper gold and silver contracts on Comex that (currently) moves the price, but that too shall come to and end. Short-term profits work for the traders but are not the reason we buy physical metals. (See comments below by Dave Kranzler and Zero Hedge).
I am being especially cautious with my money these days and I hope you are too with yours. Betting on a strong economy, reduced tensions in the Middle East, Eastern Europe and Asia is a long shot at best. I would rather be wrong here and see my precious metals portfolio remain stagnant than to be right and cash in with a large gain. At least for me, making a “profit” on my insurance policy is not the reason I purchased it in the first place. I can’t remember a time since I started in this industry, in the early 80s, that my perceived “need” for financial insurance was greater. The fact that we haven’t cashed in yet is a surprise, and not a bad thing. That said it seems logical to me that all of us who own and continue to add to our gold and silver positions, against the advice from an army of Wall Street nay-sayers, will not be disappointed.
It’s times like these that remind me of the famous saying by Yogi Berra, “It ain’t over till the fat lady sings.” (Actually the story goes: The fat lady in question is the bird that sings The Valkyrie at the end of Verdi’s opera. I have always been told that the originator of this was baseball’s Yogi Berra, also credited with “It ain’t over till it’s over” and “90% of the game is one half mental”.)
Silver Eagle sales have recently fallen off a cliff. Ted Butler thinks that JPMorgan was the mystery buyer purchasing large quantities of the Silver Eagles, and they have stopped. Perhaps they feel they have enough and the price is about to turn around and rise dramatically.
We keep waiting for the time when the assault on gold and silver will come to an end but those in charge of the manipulation are still up to their same old tricks. One of their most visible tactics are the massive takedowns of gold and silver just prior to the Option Expiry days on Comex. I have discussed this in the past and so have Andy Hoffman and Bill Holter. In fact, it is a regular topic of Andy Hoffman’s in his daily comments.
Over the weekend, LeMetropole Café presented a video by Dave Kranzler, which is a very clear and concise explanation of the process. It is short, interesting and accurate and worth your time to watch.
6/1 Dave Kranzler – Video: Comex Options Expiration: Orchestrated Price Take-Down – www.lemetropolecafe.com
Meet the man face to face who has contributed so much valuable commentary to this column and to GATA’s efforts with a brief, visual rap about the manipulation of the gold market.
Video: Comex Options Expiration: Orchestrated Price Take-Down
This event is also discussed in the Featured Articles section by Zero Hedge. Why present this information twice? Because it explains why, like clockwork, gold is taken down with no visible reason or headline. It is a large profit center for the bullion banks and is a key tool in the price-suppression mechanism used by the Cartel.