October 21, 2009
Posted by Adam King on October 22, 2009
October 21, 2009 – Certified gold prices rose substantially during Wednesday’s early morning trading hours, as our nation’s Labor Department reported that unemployment rates climbed in 23 states in September. These numbers compare with 19 states who saw decreases, and eight states whose jobless levels remained unchanged. The Labor Department says Nevada, Rhode Island and Florida posted their highest jobless rates since 1976, and this has given more credence to economists’ claims that the stimulus package has failed to pull us from the depths of our current recession. Layoffs have been the rule rather than the exception lately, and the inability of our government to generate jobs is a primary fear for many Americans who would like to return to the workforce. Many investors have purchased certified gold and silver coins, as a back-up plan in case the American job market continues to deteriorate at the current rate.
If employers remain unable and unwilling to hire new employees, American citizens will be forced to find other ways to maintain their way of life. Many of today’s investors have bought gold and silver, because many economists expect these metals to increase in value during the next few years, or until our unemployment levels begin to retreat. Many of our nation’s long-standing corporations have failed or are failing, which has drastically lowered our nation’s gross domestic product (GDP) and export levels. This deficiency has devalued our dollar, because other nations have become apprehensive about trading with a currency that is based on a weak economy. In addition to our failing corporate sector, our government’s monetary policy has added trillions in US currency to our already saturated supply, thereby sapping spending power from investors with large cash holdings. Investors highly value certified gold and silver coins as a way to store their own wealth, because they are completely private. As contemporary author Susin Shapiro wrote, "Privacy, of course, has the advantage of, well, privacy."
Stewart Lawson
Senior Staff Writer – Certified Gold Exchange
Categories:
US Gold Market
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