Hot Monday: What’s next for Silver & Gold after the US debt clock?

It’s going to be a hot sizzling Monday today. Washington now has one more day to solve the puzzle before the debt burst. Unless they come out with a fire-fighting plan, US will start defaulting on their record-breaking $14.46 trillion debt by tomorrow.

Are we greece? - US Debt

How would this impact the precious metals?

In short, the more money the Fed prints OR the weaker the dollar is the better it is for the PM market. That would happen if US raises their debt ceiling or decided to start defaulting its current debt. That’s the bull camp.

If Washington are able to stop ballooning their $14.46 trillion ceiling, not default its current debt AND turn their Federal P&L from red to black – that spells the bear for PM. Been spending my entire weekend catching up the debt news and to have THAT, is almost unlikely.

Following are some materials that would go along well with your morning coffee.

Obama: We spent more money than we take in

To begin, below is a video on President Obama explaining to you the drama in his own word. There is no better way to understand on the American problem than to hear it from the President himself.

Next, if you only have 5 minutes, read just this:

Peter Schiff: Gold and silver beyond the limit

Peter Schiff.jpg

Peter Schiff is CEO of Euro Pacific Precious Metals, a precious metals dealer based in New York. He was also a candidate in the 2010 Republican.

thedailybell.com: http://thedailybell.com/2741/Peter-Schiff-Gold-and-Silver-Beyond-the-Limit

If you have the entire day, continue with the rest:

Ron Paul: If debt is the problem, why do you want more of it?

Ron Paul is a Republican representative and a candidate for the 2012 Republican presidential nomination. He strongly against raising the debt ceiling.

thedailybell.com: http://thedailybell.com/2740/Ron-Paul-If-Debt-Is-the-Problem-Why-Do-You-Want-More-of-It

Jim Rogers: Prepare for a lost decade or more

Jim Rogers was previously the co-founder of the Quantum Fund with George Soros. He is bullish on Asian market and is residing in Singapore.

rt.com: http://rt.com/usa/news/rogers-decade-debt-crisis/

George Soros: The US should take on more debt

George Soros is a billionaire financier.

businessinsider.com: http://www.businessinsider.com/george-soros-us-more-debt-2011-4#ixzz1ThnsSq00

Globalpost: America’s Debt Crisis in Photos

.. and last but not least, the crisis in photos.


globalpost.com: http://www.globalpost.com/photo-galleries/planet-pic/5671848/americas-debt-crisis-photos

So which camp are you in?

Long on PM or short?

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