FTMDaily News Update – Gold and Silver Prices Break Key Resistance Levels

February 15, 2011

by Jerry Robinson

Good morning friends! In the news this morning: the U.S. budget showdown gets underway, new protests in the Middle East, gold and silver breaking resistance, and more.

U.S. Budget Showdown… This is the week for political theater. The burning question… Will America overspend by $1.65 trillion this year under the “spendthrift” Democrats or will it overspend by $1.1-$1.4 trillion under the “cost-cutting” Republicans? Snooze…

Regardless, the budget deficit now stands at the highest level since 1945… National debt nearing levels of total annual GDP… Top economist Roubini slams both parties.

All budget talks avoid any talk of Social Security, Medicare and Medicaid. Spending on these programs are set to increase over the next decade by 71%, 72% and 115%, respectively. Absolute silence… Voters to blame?

Retail sales up, but weak… Sales at U.S. retail stores rose in January for the seventh straight month… up 0.3% … Smallest increase since last July.

Precious metals on the rise… In early January, I predicted that gold and silver would resume their bull market run in the first two weeks of February… So far, so good. Both gold and silver have broken key resistance levels… Silver  now at six week high as it approaches stage two of its bull market…

Pressure mounts in Mideast… Last week’s historical events in Egypt continue to give hope to other Mideast nations under the grip of tightly controlled dictatorships. Fresh protests in Iran making headlines this morning… Day five for Yemen as protests in that country seek to remove the dictator…In Bahrain, thousands of protesters fill main square in capital city…

Back in Egypt, the controversial Muslim Brotherhood have announced plans to form their own political party in anticipation of the upcoming elections… Mubarak in a coma?

Also in the news…

1) January CPI numbers: Britain 4%; China 4.9%

2) U.S. January import prices rise 1.5%…

3) Is the bullishness on Wall Street ‘dangerously high?’

4) It’s official: NYSE and Deutsche Boerse tie the knot.

5) It’s time to reclaim your lost billions….

Finally… The White House has proposed a $3.73 trillion budget for FY2012… But what could you do with $3.73 trillion? Click here to find out.

Why So Serious?… It’s time to laugh a little.

“Egypt’s President Mubarak finally resigned. When they heard that a Muslim president stepped down, the Tea Party said, ‘Obama’s leaving?” –Jay Leno

“Five years ago, Dick Cheney shot his hunting buddy. Where does the time go? That was like five heart attacks ago.” –David Letterman

“Fox News host Glenn Beck has lost over 30 sponsors since he called President Obama a racist. And the latest sponsor that he just lost is Clorox bleach. That’s amazing. Even a company whose sole purpose is to make things whiter thinks Glenn Beck has gone too far.” —Conan O’Brien

For fair and balanced paranoia, delivered on demand, see the new Glenn Beck Conspiracy Generator

Until tomorrow,

Jerry Robinson – FTMDaily.com

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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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