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National Debt Over $12.1 Trillion or $111,224 per US Taxpayer!
Check out The National Debt Clock for a sobering set of statistics.
As I type, the total nation debt is over 12 TRILLION 1o4 Million!
It advanced over 30 MILLION as I wrote that down.
National
Number of US Taxpayers = 108,834,743
Number of Officially Unemployed = 15,403,989
Number of US Workforce 138,584,486
Number of Federal Employees = 4,238,946
Number of US retirees = 37,500,533
Notes of interest:
Not all workers pay taxes since they fall below the threshold.
If you define "supporting" as you give more to government than you get from the government, then this calculation is staggering:
Us 108.8 million taxpayers are supporting 57.1 million people!
- 4.2M federal workers
- 15.4 M unemployed and
- 37.5M retired people!
The price of Gold (Gold Charts) is probably reflecting the market's belief in how difficult it will be for US taxpayers to repay this debt without massive inflation.Disclosure: I have no position in Gold but I do have significant personal positions in TIPS, TIPS mutual funds and iBonds plus I hold them in BOTH my newsletter portfolios. See: Kirk's Two Investment Letters
Disclosure: no position in Gold but I do own TIPS, TIPS funds and Series-I Bonds.
Dr. Doom Nouriel Roubini Bearish on Gold
Not only is Nouriel Roubini, called "Dr. Doom" by many, a stock market bear, he is bearish on gold. Gold (Gold Charts) is currently trading at $1123 per ounce.
"I don't believe in gold," Roubini told CNBC. "Gold can go up for only two reasons."
"[the first is] inflation, and we are in a world where there are massive amounts of deflation because of a glut of capacity, and demand is weak, and there's slack in the labor markets with unemployment above 10 percent in all the advanced economies. So there's no inflation, and there's not going to be for the time being.”
Kirk's Comment: The price of Gold is probably predicting the future out to 10 years or more much as the very low PE ratios for banking and home builders in 2006 and early 2007 predicted the financial meltdown years before it happened. Even today, stocks like Verizon and AT&T have very high dividends with low PE ratios which tells me the market expects communication bandwidth to eventually become a commodity. Low PE ratios and high dividends often say more about the long-term future than the present just as the current high price for gold may be telegraphing the future unless we get our spending under control in the US.
The second way gold can go higher in this deflationary economy, according to Roubini, is a financial Armageddon. Roubini says we've avoided that risk.
Kirk's Comment: Have we? If US Treasury interest rates eventually soar to attract money to finance our huge debt, we'll have to borrow even more money to repay the debt. With the Democrats and Republicans both spending more than we take in as fast as they can, the price of gold may be predicting a different, but very real financial Armageddon.
Roubini said gold can't move up 20% to 30% unless we end up in a world of inflation or another depression.
Nouriel Roubini is a professor at the Stern Business School at New York University, chairman of Roubini Global Economics and a weekly columnist for Forbes magazine.
Current Quotes (click for current quote and chart):
- Gold at $1,123
- S&P500 at 1,103.66
My prior updates on Dr. Doom:Disclosure: TIPS, iBonds & Tips mutual funds (disclosed in article)
GGR: GeoGlobal Resources Technical Analysis Update
GeoGlobal Resources Inc. (GGR Charts) is about to make a "Golden Cross" chart pattern. This is where its 50-day moving average crosses above its 200-day moving average.
Click chart courtesy of stockcharts.com for full size image
I show the 50 and 200 DMA now at $1.06. With GGR trading now at $1.18, the 50 DMA should be higher tomorrow (or very soon) for an official crossing.
A Golden Crossing should show up on all sorts of trader charts so I expect money could surge into the stock. Grab your stocks and pull up your socks.....
As you can see from this longer term chart, GeoGlobal is also making a beautiful rounding bottom pattern. Also bullish is GGR appears to have successfully tested its 50 DMA which has switched from resistance to support.
Click chart courtesy of stockcharts.com for full size image
I added shares of GGR to my personal and newsletter portfolios under a buck in August (80¢ in my newsletter and ROTH portfolios) so I'm ready to go higher. I am pleased those August lows held (so far) in this recent correction.
More information
- Definition of Golden Cross pattern
- More GGR Charts
GeoGlobal Trading Success: This is a good money maker stock if you have the patience to buy when cheap and sell when very high. In my newsletter portfolio I have generated $18,276 cash, all pure profit from GGR plus I have 7,900 shares on "house money." GGR could drop to zero overnight and I'd still have profits of $18,276! I first started writing about and trading GeoGlobal about 10 years ago when it was Suite101.com/BOWG.Disclaimer: I am locked and loaded with shares added to personal and newsletter portfolios at 80¢. I have long-term shares purchased as low as 12¢ in my personal portfolio. I have plans in place to sell shares at preset, but significantly higher prices listed in my newsletter. If my outlook changes, I may sell sooner and announce it to my subscribers.