Of course 62% is a key Fib. retrace ratio, so this is a good indicater if gold holds it.
Silver, however, is only holding a third of its move up today, but is up $.50 off its low.
Donkeys and elephants have come out with new debt ceiling band-aid plans today and the main difference now is how long the "ceiling" will last. Obama to get on TV yet AGAIN tonight to fear monger and lobby for an 18 month debt ceiling so he can get into 110% campaign mode....gotta get out there and raise another $10 billion to buy votes. And of course the budget cuts will also take effect "down the road" after passing by a few hundred dead cans.
I can assure you that the average American has no clue that NOT raising the ceiling would be by far the best [of the worst] fiscal option today. They only see their credit limits, food stamps, unemployment checks, Social Security, and other handout slave freebies. Did you know that the government welfare mongers dole out over 88 million checks EVERY MONTH!....USA population has what?..... maybe 125 million adults [in a total population of 320 million].....no jobs, no incentives.... socialism run amuck.....bye-bye USA as the founders intended. Socialism/fascism has always failed, yet alway comes around again. Perhaps we just don't live long enough to learn as Armstrong would say. The elitists out of London know all the tricks to staffing governments, killing off middle classes, and culling population. This assures their power in tact.
Our "welfare" recipients WILL NOT bite the bullet until the financial banking system collapses "down the road" and that bullet is 4 times bigger. The mentality is, "YES, cut spending and get the budget in balance, BUT dont touch my freebies".
SUMMARY: Let a man live long enough "on the dole" and he thinks it is his RIGHT...and he will fight to the death to preserve that "right". These are ignorant [media brainwashed] credit enabled folks, in denial......and also stealthly FUHKED! They do sense it, but denial is so convenient.........get that I-Phone, I-Pad, big screen, Blue Ray, reality TV, and Netflix service.....and simply "while away" the time as Rome burns.
I recieve $170/month S.S. as an educator [with part time church music job for 30 years]. If they cut my S.S. by a half, I wont even notice. But it will literally be deadly to most over 70 who currently receive $600-1200/month. And BTW, the baby boomers are now retiring and beginning to teet at the S.S. system with great gusto......TILT!
And Medicare? Well, drink the hell out of that ionic colliodal silver and hope for the best.......pic
