News Story of the Day: Do you have silver bullion in your investment portfolio? With many expecting the precious metal to have its breakout moment in the near future, perhaps you should. New data suggest that others are.
Reportedly, American Eagle silver bullion coin sales are on the verge of another year of record breaking sales. Year-to-date, 2015 sales have taken over 2014 sales. Close to 39 million ounces of silver have been sold up until the third week of October, up from just over 38 million ounces last year.
If the trend continues then 2015 could see sales of beyond 44 million ounces. Just put this into context: in 1997, just 9.8 million ounces of silver were sold. In 2008, that number soared to 19.5 million. In 2011, it doubled to just under 40 million. Each years, except 2012, silver experiences record sales.
Experts say the numbers would have been higher but the demand for silver has been incredibly high, which has led inventories to be effectively wiped out.
What’s driving the high demand? A weak United States and global economy and speculative investment are just two of the reasons investors are having a love affair with silver.
Chart of the Day: The odds of a rate hike by the Federal Reserve in December has never been higher, says Bloomberg News. One chart shows the probability of an increase in interest rates is quite high as we approach the final month of the year. Here is the chart (courtesy of Zero Hedge):
Illustration of the Day: The American Enterprise Institute’s Carpe Diem blog has an interesting venn diagram. With the 2016 election coming up and the constant need to redistribute the wealth and take other people’s money by force, you won’t hear anyone talk about the greed of government and politicians, but you’ll hear plenty of how millionaires and billionaires are greedy.
Quote of the Day: Ludwig von Mises’s groundbreaking achievement, his magnum opus if you will, is certainly “Human Action.” This book is certainly a starting point for anyone who wishes to learn about economics (next to Henry Hazlitt’s “Economics in One lesson” of course). There is a superb quote in the book (there are many of those) in which he talks about education. Here is that quote:
“It is often asserted that the poor man’s failure in the competition of the market is caused by his lack of education. Equality of opportunity, it is said, could be provided only by making education at every level accessible to all. There prevails today the tendency to reduce all differences among various peoples to their education and to deny the existence of inborn inequalities in intellect, will power, and character. It is not generally realized that education can never be more than indoctrination with theories and ideas already developed. Education, whatever benefits it may confer, is transmission of traditional doctrines and valuations; it is by necessity conservative. It produces imitation and routine, not improvement and progress. Innovators and creative geniuses cannot be reared in schools. They are precisely the men who defy what the school has taught them.”
Video of the Day: The fine folks at Bad Lip Reading released its video of the Democratic debates. Let’s just say their rendition wasn’t too far from what actually transpired. This makes us ask: when will the channel release its actually BLP video of the Democratic debate.
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