Silver within reaching distance of $40.00/ gold closes at record levels/silver at 31 yr high

posted by Harvey Organ at Harvey Organ's - The Daily Gold & Silver Report - 57 minutes ago

Good evening Ladies and Gentlemen: Gold closed today in record territory rising by $19.60 to $1451.10 at comex closing time. Silver hit a 31 yr high closing at $39.18 and within spitting distance of the mag...

"Transitory" Inflation Tally: Gold, Corn Record Highs, Silver 31 Year High, Brent 2.5 Year High

Submitted by Tyler Durden on 04/05/2011 16:36 -0400

Yesterday the Chairman said something about inflation being "transitory", and that he would be prepared to act by the time inflation becomes more then just "transitory", which we read as "permanent." So, in other words, by the time inflation is set in, Bernanke will be prepared to act, do we have that right?  We hope this is just another Transocean-esque vocabulary disaster, because while we all know how good the Fed is at predicting things, being incapable of sensing grammatical nuances is a Fed Chairman first... which is not surprising: nobody had any clue what Greenspan said most of the time. We just hope Benny's reference was not in the context of a "transition" to a permanently higher "new price normal." Which is maybe how the market interpreted his words: after enjoyed picking apart the irony in the Chairman's statement and once again calling his bluff, the net result is: gold and corn all time high, silver fresh 31 year high, brent 2.5 year high. At some point these prices may revert, and Bernanke will be right. We just hope that by then TEPCO is not in charge of cleaning up radiation ("it's only 1 nano sievert- we swear") from everywhere, not just Fukushima.

Gobs And Gobs Of Debt

Posted: Apr 05 2011     By: Dan Norcini      Post Edited: April 5, 2011 at 5:33 pm
Filed under: Trader Dan Norcini

Dear Friends,
The following headline pretty much says it all and is a great companion to the post Jim put together today. The problem is debt – gobs and gobs of it.
When a nation reaches the point that it is borrowing new money to pay off old money, it has past the point of ridiculous and has reached destructive levels. The longer this continues, the weaker the Dollar is going to become over the long term. Eventually more and more nations whom we are going begging to, are going to demand higher interest rates to compensate them for lending to such a profligate nation. When the long bond finally does break down on the technical price charts, our national nightmare then begins.
Trader Dan

March Madness: U.S. Gov’t Spent More Than Eight Times Its Monthly Revenue Monday, April 04, 2011
By Terence P. Jeffrey
(CNSNews.com) – The U.S. Treasury has released a final statement for the month of March that demonstrates that financial madness has gripped the federal government.
During the month, according to the Treasury, the federal government grossed $194 billion in tax revenue and paid out $65.898 billion in tax refunds (including $62.011 to individuals and $3.887 to businesses) thus netting $128.179 billion in tax revenue for March.
At the same time, the Treasury paid out a total of $1.1187 trillion. When the $65.898 billion in tax refunds is deducted from that, the Treasury paid a net of $1.0528 trillion in federal expenses for March.
That $1.0528 trillion in spending for March equaled 8.2 times the $128.179 in net federal tax revenue for the month.
The lion’s share of this federal spending went to redeem Treasury securities that had matured during the month—most of which were short-term Treasury bills that have terms of one year or less.
More…




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