Auguries - January 25, 2013
Two And Two Still Make Four
Kevin Michael Grace
Gold was down (at press time) $17.10 (-1%) for the week to $1,667.50, and silver was down $0.23 (-0.7%) to $31.67. Gold fell $19.20 Thursday (-1.1%); TheStreet attributed this to “investors bet[ting] that Washington’s short-term extension of the debt ceiling would lead to a deal in four months.”
Rachel Maddow’s blog crowed, “Under pressure from the business community and with President Obama holding firm, House GOP leaders caved on Friday, announcing they would let the hostage go for practically nothing. And today, Republicans suspended the debt ceiling in exchange for no spending cuts at all.”
Obama’s firmness suggests that there are to be no spending cuts in May or any other time. His Second Inaugural Address gave short shrift to the economic crisis, most likely because he has wished it away. To wit, “An economic recovery has begun.”
Read the rest of this article on gold prices here.