Economic Crisis News 2015-10-23
Hopes are clearly low for a government resolution, as the U.S. Treasury canceled its sale of 2-year bonds that was scheduled for next Tuesday. Rates on 1-month Treasury bills due in November spiked to levels not seen since 2013. ZeroHedge reported that 4-week bills yield also spiked to a 2-year high, saying “the bond market is now convinced that the 2015 debt ceiling fight will be worse than both the 2011 and 2013 iterations.”
The frenzy for silver is picking up, and the data isn’t lying. From 1988 to 2007, an average of about 1 million Silver Maple Leaf coins were sold per year, but during 2008 to 2014, the average was 18x higher, at 19.1 million per year.
Gold is on the verge of posting its first positive year since 2012.
The Chinese government has just unofficially authorized Bitcoin. Right here in the U.S., on September 17th last month, our own CFTC asserted for the first time that Bitcoin is a commodity. Bitcoin is seeing a further rally, now north of $270 per coin.