Good morning friends! I hope each of you had a good weekend. In the news this morning: state spending cuts, gold and copper price predictions, more unrest in the Middle East, and more…
“Austerity” Coming to a State Near You… In an effort to balance their bloated state budgets, many governors from around the country are proposing new spending cuts. Among the proposed cuts… Fewer state agencies and employees; higher state university tuition; smaller social safety net programs and more… Surprisingly, few new taxes are being sought. Shrinking the size of state government actually appears to be the goal…
Gold and Copper in 2011… The Wall Street Journal is reporting gold and copper could rise 30% in 2011. Gold because of growing inflation… Copper because of the supply/demand picture…
After the worst January in over two decades, Bloomberg’s top analysts are also predicting that precious metals will shine this year…
And the Financial Times is reporting that “unbelievable” Chinese demand for gold has “stunned” traders over the last couple of months in the run up to the Chinese New Year… China has already reported a five-fold increase in gold imports over the first 10 months of 2010… Some analysts believe that China could surpass India as the world’s largest gold buyer sometime this year…
Hot Commodities… Wicked weather in Australia means that sugar prices could soar even higher in 2011…
Billionaire Jim Rogers continues his investment thesis that commodities are in a long-term bull market and that equities, in general, should be avoided… See recent video below.
More Mideast Unrest… This weekend, Egypt’s regime held talks with the opposition to end turmoil… The talks failed and the protests continue this week. The Egyptian pound has dropped to a six year low on the turmoil. Egyptian banks are re-opening this week and customers are standing in long lines to pull their funds…
Debt Ceiling Fears… Fed Chairman Bernanke is firmly joining the chorus of voices warning of dire consequences if the Congress does not raise the debt ceiling… Perhaps our poor cash-starved Federal government should try slashing spending like the rest of the world.
Retiring Abroad… More and more Americans are choosing to spend their golden years outside of the country where their retirement dollars stretch further… Latin America, and some parts of Europe, are among the more popular retirement spots… It’s not as uncommon as you may think. Also, AARP has released its own list of the best places to retire outside of the U.S.
Finally… Ten things that you may not know about money and the top ten in-demand jobs for 2011…
Why So Serious?… Here’s a sampling from some of the late shows this week…
“President Mubarak came out of his palace yesterday. He saw his shadow, so six more weeks of rock throwing in Egypt.” —Jay Leno
“A man in New York was arrested for stealing a garbage truck. They knew he wasn’t a real garbage man because he kept stopping to pick up trash.” —Jimmy Kimmel
“The Chinese say the year is 4709, and we say the year is 2011. I’m just going to guess that they probably got the math right on that.” —Conan O’ Brien
“This is day three of the storm that has snowbliterated the United States. Finally America’s extra layer of fat comes in handy. Take that, Michelle Obama.” —Jimmy Kimmel
“Vice President Joe Biden has suggested to people out of work to just ‘hang in there.’ What a difference two years makes: Remember ‘hope and change’? Now it’s ‘hang in there.” —Jay Leno
Jerry Robinson is an economist, published author, columnist, international conference speaker, and the editor of the financial website, FTMDaily.com. In addition, Robinson hosts a weekly radio program entitled Follow the Money Weekly, an hour long radio show dedicated to deciphering the week’s economic news.
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