Kitco News
(Kitco News) – Major Drilling said it has resources to weather the crisis, but it just drew down a $20 million dollars from its credit facility to ensure access to cash if there is a prolonged slowdown.
The post Lockdowns take a toll on junior exploration companies appeared first on WorldSilverNews.
Kitco News
(Kitco News) – “Considering the impact of these measures, including difficulties of securing access to the operations for employees and the effects of logistic stagnation, we have decided to suspend operations temporarily to ensure the safety of employees and their families.”
The post Sumitomo Corporation suspends mining operations appeared first on WorldSilverNews.
SilverSeek.com
Stories of heroism are more important than ever. In today’s world, it is important to remember that when times are tough and when the odds seem overwhelming, we can endure, and we can overcome.
The bravery and sacrifice of the heroes of Iwo Jima are also important to remember on their own merits. We must remember all service members for their valor and courage. Their efforts have been immortalized, and the world will never forget them.
Iwo Jima had critical strategic importance. It housed an air base for imperial Japanese fighter planes and was a safe haven for their naval units. U.S. forces also recognized that the island could be a critical staging ground for an invasion of the Japanese home islands.
The volcanic island was subjected to nine months of naval bombardments and air raids from American forces before the battle even began. Intelligence sources believed that the imperial Japanese forces left on Iwo Jima would fall in one week.
They were wrong.
Imperial Japanese forces abandoned the beach defense strategy they normally applied. Instead they entrenched themselves in a series of pillboxes and bunkers connected by an intricate series of tunnels. Forces that had been assumed to have been decimated were instead underground.
Marines began their normal amphibious invasion and encountered none of the usual resistance from imperial Japanese forces. It seemed like this would be an easy victory.
The Japanese counterattack caught the Marines by surprise. The ensuing battle was deadly and continuous. The heavily fortified positions of the imperial Japanese were immensely challenging to clear, and the network of tunnels made the usual clearance methods difficult. The Marines had to adjust their strategies to overcome these challenges.
Every square inch was fought for, and nothing came easy. However, the United States eventually proved victorious.
First the south side of Iwo Jima fell, and Marines raised the flag on Mount Suribachi. Then, eventually, the north side of the island was captured, too. American forces sustained heavy casualties. But they persevered and won.
For their actions, the Medal of Honor was awarded to 27 Marines and U.S. sailors. To this day, the battle is depicted in books, movies, and shows. Americans of all walks of life still look to the heroes of this battle for inspiration.
In today’s world, the heroism exhibited can be a guide for the challenges we now face. The soldiers who fought on Iwo Jima were faced by a foe more dangerous than they initially expected, and overwhelming odds, and they persevered.
It has been 75 years and honoring the heroes of those battles is as important as ever. Take the time to learn about these heroes and honor their memory.
The post The 75th Anniversary of the Battle of Iwo Jima appeared first on U.S. Money Reserve.
Times are uncertain. Markets are in a state of flux. It might feel like the right financial move is difficult to see. If you’ve made some money moves that feel more like regrets, read on. We’re here to empower you with some tips for turning financial trials into triumphs and helping you better avoid financial disappointment in the future.
“Financial mistakes are part of everyday life,” Senior Finance Advisor notes. The most common mistakes include living paycheck to paycheck, indulging in unnecessary spending, taking on too much credit card debt, and forgoing portfolio diversification, among others.
With stocks suffering and uncertainty reigning as the new norm, now is the time to position yourself for financial security
“Any significant market volatility presents a good opportunity for you to take an honest look at your reaction” and financial activity, advises Arielle O’Shea, a specialist at the personal finance website NerdWallet.com. Here’s how to better position yourself.
According to a survey by GOBankingRates, 58% of Americans have less than $1,000 in savings, and the percentage hasn’t changed much over the years.
“As the market flashes red, you should reevaluate how your savings are allocated,” experts say.
You don’t have to stop enjoying the things you purchase or curb shopping altogether. All you have to do is reduce spending on unnecessary items. Even small changes in behavior, like making your coffee and meals at home, can help.
To help increase your savings and organize your money, consider the following guidelines from Fidelity:
Making specific decisions about how your money is saved and spent can help you gain a sense of financial control and avoid living paycheck to paycheck.
Sometimes you can’t help but spend money. The dishwasher breaks, or you need to put new tires on the family car. That’s okay. It’s what your “savings account for the unexpected” is designed to cover.
Research shows, however, that the average adult in the U.S. spends $1,497 a month on nonessential items, which adds up to almost $18,000 a year.
To help avoid unnecessary spending, take the time to make informed purchases. Set priorities, make a budget, and stick to your plan. When it’s time to spend, do your research.
At U.S. Money Reserve, we encourage our clients to learn as much as they can about precious metals before they make a precious metals purchase. Financial decisions deserve time and consideration. Call or go online to read reviews, news articles, e-books, and more when it’s time to make a significant purchase.
“There’s always a need to do some research before deciding what to do with your money,” notes WiserAdvisor.com.
Plus, slowing the decision-making process can help you avoid spending impulsively on unnecessary items.
A financial disappointment in one area of life could force you to reach for a credit card for some relief. Avoid the urge.
On average, each American household with a credit card carries $8,398 in credit card debt. It’s a tough beast to tackle. There are interest rates to consider, minimum payment amounts, monthly statements, and always another desirable purchase looming in the distance.
If you’re able to allocate your finances as Fidelity recommends and also make more-informed purchases, you’re well-positioned to pay down credit card debt.
Recovering from financial mistakes doesn’t end when you fix a few problems. You must continuously pursue financial preparedness. Portfolio diversification is an essential part of that pursuit.
Diversification is the act of achieving variety in your portfolio to reduce risk. It’s like eating a balanced diet that includes all food groups. While healthy meals of fruits, vegetables, meat, and grains are no guarantee that you’ll stay in perfect health, they’re a solid defense. The same can be said for diversification.
Yet “1 in 4 Americans say they don’t know or have no opinion on whether their [holdings] are diversified,” found a survey conducted by CNBC Make It and Morning Consult.
With the recent economic turmoil, now might be the best time to adjust your portfolio. How does your allocation of traditional assets (like stocks and bonds) compare to your mix of alternative assets (like real estate and precious metals)?
Some experts recommend holding 10 to 25 percent of your portfolio in tangible assets like gold, silver, and platinum. Of course, your allocation will depend on the amount of protection your portfolio requires.
Owning gold and precious metals can do more than help protect against another financial disappointment in life. It can help give you and your family a sense of tangible security. Call U.S. Money Reserve at 1-844-307-1589 to learn more about the powerful benefits of precious metals.
The post 4 Tips for Safeguarding Against Financial Disappointment appeared first on U.S. Money Reserve.
Trying times are upon us. Even if you’re not sick, you may be feeling the effects of the health crisis.
Maybe you’re one of the many Americans forced to shutter a business. One of the tens of thousands of workers sent home indefinitely.
Undoubtedly, you’ve stood in long lines at the grocery store only to find empty shelves once inside—or worse, huge price markups on staples: $60 bottles of hand sanitizer, $10 rolls of toilet paper, and $7-a-gallon milk.1
But mass unemployment, hoarding, and price gouging are not problems unique to the COVID-19 pandemic. No, they are the lesser known catalysts to a familiar economic scourge: hyperinflation.
Upon hearing the word hyperinflation, you may first picture a room full of printing presses churning out dollar bills. That’s because the official flooding of the economy with money is the notorious cause of hyperinflation.2 In today’s world, the Fed can create dollars digitally and inject them into the system with the push of a button.
And the Fed just confirmed that’s exactly what it’s doing. With no end in sight.
First the Fed called its money printing policy “quantitative easing.” Then the Fed refused to label it QE after reneging on its promise to stop buying bonds and slashing interest rates last year, insisting instead on referring to its program as “permanent open market operations.”
Finally, last Sunday, the Fed confirmed what we’ve suspected all along.
In an interview on 60 Minutes with Scott Pelley, the President of the Federal Reserve Bank of Minneapolis, Neel Kashkari, revealed the full extent of the organization’s hyperinflationary policy:
Scott Pelley: “Can you characterize everything that the Fed has done this past week as essentially flooding the system with money?”
Neel Kashkari: “Yes, exactly.”
Pelly: “And there’s no end to your ability to do that?”
Kashkari: “There’s no end to our ability to do that.”3
Remember what a big deal it was to get the approval to fund $700 billion for TARP in 2008? Now it appears the Fed is so pleased with the last recovery (the one that took over a decade), it is immediately starting another $700-billion rescue operation for the financial system.
Apparently printing money isn’t a big deal anymore.
It worked last time, so just do it bigger and better this time and everything will be fine. That’s the thinking on the front end of a pandemic that erased the last 10 years of recovery in just a few weeks.
No currency has survived with this ideology. Currency debasement cripples economies and collapses empires. Whether metal or paper, too much money in the financial system can trigger hyperinflation.
Diluting the silver content of the denarius transferred wealth away from Romans, paralyzed the economy, and contributed to the fall of one of the greatest empires the world has ever known.4,5
Today, the U.S. trades in “Greenbacks” because the Confederacy issued so much of one of the country’s first fiat currencies—the Greyback—hyperinflation rendered it worthless as the South lost the Civil War.6
Germany, Venezuela, Zimbabwe—the list of countries ravaged by the excessive printing of money and hyperinflation could go on and on.7
“Low nominal interest rates, low inflation, and slow economic growth pose challenges to central bankers. In particular, with estimates of the long-run equilibrium level of the real interest rate quite low, the next recession may occur at a time when the Fed has little room to cut short-term rates. As I have written previously and recent research has explored, problems associated with the zero-lower bound (ZLB) on interest rates could be severe and enduring. While the Fed has other useful policies in its toolkit such as quantitative easing and forward guidance, I am not confident that the current monetary toolbox would prove sufficient to address a sharp downturn.”— Former Fed Chairman Ben Bernanke, October 2017
Remember “Helicopter Ben,” the Chair of the Federal Reserve that kick started us into the world of quantitative easing? Even he has serious reservations about the Fed’s ability to carry the country through the next downturn.
But even Bernanke couldn’t have predicted the human and economic catastrophe unfolding before us: the COVID-19 pandemic has not only triggered recessionary and hyperinflationary conditions but is also compounding them.
Economic slowdown was a looming threat that became a reality to prevent the spread of the virus. Regardless of the cause, recovery could be slow and arduous.
Americans are stockpiling because they’re afraid grocery stores will close to prevent the spread of the virus. But, with the Fed flooding the system with money, who knows how long it will be before people are hoarding one day to avoid skyrocketing prices on essential goods the next.
And cash? How long until our currency is worthless? Your savings. Your wealth. All that you worked so hard to build. GONE.
‘We have long argued that gold is the currency of last resort, acting as a hedge against currency debasement when policy makers act to accommodate shocks such as the one being experienced now.’— Goldman Sachs analyst Jeffrey Currie.
No one can predict the future, but the present economic realities are frightening enough to merit taking defensive financial measures now.
When it comes to wealth preservation during this crisis, I agree with Goldman Sachs analysts: BUY GOLD.
The price of gold is already rebounding just like it did in 2008 when the Fed pledged to save the economy by effectively printing more money.
But, as a precious metal advisor who traded gold and silver during the housing crisis, I can tell you firsthand bullion is not the right choice for everyone.
Americans rushed to buy bullion coins and bars the last time the Fed’s policies and the economy concerned them, and it didn’t prove as wise an investment for many as investment grade coins, which hold an additional numismatic value separate from their precious metal content and are therefore less tethered to the market.
Not to mention the risk of holding bullion. Confiscation of bullion is a very real issue in times of economic emergency. History doesn’t lie:
I suggest you contact your assigned Scottsdale Bullion and Coin broker directly to discuss what precious metals products could best protect your portfolio against a currency collapse.
We’ve never seen the volume of inquiries we’ve had these past weeks before but have made sure to service all of our clients’ needs.
If you do not yet have an assigned broker, call us toll-free today at 1-888-812-9892
We are all in this together.
Sincerely,
Eric Sepanek
President, Scottsdale Bullion and Coin
“”silver price”” – Google News
Silver and COVID-19: Who’s Reacting and How? | INN Investing News Network
The post Silver and COVID-19: Who’s Reacting and How? | INN – Investing News Network appeared first on WorldSilverNews.
“”silver price”” – Google News
US Stimulus Plan Is Steadying Global Markets While Crypto Takes a Dip Yahoo Finance
The post US Stimulus Plan Is Steadying Global Markets While Crypto Takes a Dip – Yahoo Finance appeared first on WorldSilverNews.
Kitco News
(Kitco News) – The COVID-19 panic triggered a resurgence of physical gold and silver buying, but can this surge in sales last as mints and refineries across the world are temporarily shutting down production in an attempt to fight the spread of the virus?
The post Can surging demand for gold and silver last? COVID-19 lockdowns threaten sales, prices appeared first on WorldSilverNews.
