| Coming up on today’s program we’ll have a special report on some important new developments in sound money legislation at the state level. Be sure to stick around to find out which states are in the process of advancing the cause of restoring gold and silver as money. First, though, let’s take a brief look at this week’s market action in the precious metals. Gold and especially silver succumbed to heavy selling in the futures markets this week. Gold is getting hit for a 2.8% weekly loss as of this Friday morning recording to bring spot prices down to $1,202 an ounce. Silver is suffering a 6.1% smack down this week and currently trades at $16.96. Meanwhile, platinum prices got pummeled by 5.8% as the automotive metal now sits at $943 per ounce. Palladium is holding up somewhat better than the other white metals and is down 3.3% since last Friday’s close to trade at $751. Downward pressure in crude oil futures certainly weighed on other commodities and created some headwinds for the precious metals. Also to blame for this week’s correction has been the ongoing rhetoric from the financial analysts in advance of next week’s Fed meeting. Most are calling for a rate increase, which would be the first since President Donald Trump has taken office. Precious metals markets can certainly be volatile from week to week, but over time they are a more reliable store of value than Federal Reserve Notes. Gold and silver remain the world’s most enduring and most widely recognized form of money. And, as spelled out in the U.S. Constitution, gold and silver coins are legal tender. Individual states thus can formally recognize gold and silver coins as legal tender alternatives to Federal Reserve Note dollars. |
Stefan Gleason is President of the Sound Money Defense League, a national grassroots lobbying organization working to restore gold & silver to their historical role as America's constitutional money. He also leads Money Metals Exchange, a national precious metals dealer with over 50,000 customers. Gleason has frequently appeared on national television networks such as CNN, FoxNews, & CNBC, & his writings have appeared in hundreds of publications such as the Wall Street Journal, TheStreet.com, Seeking Alpha, Detroit News, Washington Times, & National Review.
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