Since silver dropped to even below its year ago August price, I am wondering if this mild rebound, in the current period of uncertainty, will give it a bounce to around, at least, the upper Bollinger Band of approximately to 14.75.
Could happen in two days or two weeks depending on how the USA and global financial prospects are perceived in the near term after the USA bailout expenditures of unbelievable magnitude and levels.
USA debt limit being pushed up to 11.3 TRILLION! You really think we have the gold reserves to back that kind of spending? With a less than zero savings rate in this country and the government spending out of control to save a system that went amuck?
From an MSN.com article today Sunday, 09.21.08, “This would be the most serious financial crisis that the world has ever dealt with. It is not a time to be playing games,” said House Republican Leader John Boehner.
"Paulson said in the interviews that he had been talking to other governments about the need for them to offer similar relief because the current financial crisis is global.
He said that the nation’s outdated regulatory system for financial markets must be overhauled but the first job is to get the most sweeping rescue package since the Great Depression passed by Congress in coming days.
The proposal would raise the statutory limit on the national debt from $10.6 trillion to $11.3 trillion to make room for the massive rescue.
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