One of my predictions (from 2005) comes true, in an article forwarded to us by Eric S.: Americans ‘walk’ from loans. My favorite quote from the article: “Lewis’ comments came as a new expression – “jingle mail” – referring to the growing trend where Americans mail the keys to their homes to the lenders before vacating, entered the US lexicon.”
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It appears that silver and gold are resuming their bull market advances, with spot gold spiking above $820 per ounce and silver running up past $14.60 per ounce. Congrats to those of you that took my advice and bought during the recent dip. It will be interesting to see which direction the metals–and the US dollar–head after the holidays. The Chartist Gnome tells me that the next pauses for profit-taking for gold should probably be at around $850 and then $930 per ounce. He foresees eventual top–barring a US Dollar collapse, that is–of around $1,630 for gold. If the US Dollar does collapse, then of course expressing the price of gold in US Dollars will become as meaningless as, say, Zimbabwean Dollars. Inevitably, people will start thinking in other terms–either in another currency unit or perhaps just”ounces of silver per barrel of oil”. OBTW, before those of you holding Euros get too smug, keep in mind that you too are holding a fiat currency, and its fate will in the long run be no better than that of the US Dollar.
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Reader Desert T. mentioned that UPS (an American parcel shipping company) will have a substantial rate increase on January 1st. He notes: “This will impact anyone who has been waiting to make a large (heavy) mail order purchase.” It is therefore recommended that any dawdlers get their orders in quickly.
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Thanks to Randy F. for sending this Washington Times article link: Blame Abounds for Housing Bust