Commodities markets have soared on news of a global currency inflationary war by central banks around the world, with gold prices climbing to more than $1,375 per ounce in overnight trading October 14. Other precious and semi-precious metals such as silver, platinum, palladium, and copper also topped recent highs in successive days of trading.
Social Security recipients will go a second consecutive year without receiving a cost-of-living adjustment in 2011, according to various press reports. The announcement, which will formally be made when the federal government reveals Consumer Price Index figures October 15, amounts to what MSNBC says in the subtitle to its article on the subject that the “expected announcement before election couldn't be worse for Democrats.”
Once upon a time the United States had some standing to lecture communist countries on the virtues of free markets. Today, however, our government is growing larger by the minute, while Cuba and Russia — once the most communist of communist nations — are heading in the opposite direction, at least in economic terms.
The price of gold as measured against the U.S. dollar hit a record $1,341 per ounce at the close of commodities market day October 5, just after the Bank of Japan announced plans to lower interest rates to zero and create $60 billion in new currency. Silver, copper, platinum, palladium, and most other commodities also measured recent highs in trading on the same day.