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Welcome to this week’s Market Wrap Podcast, I’m Mike Gleason.
Coming up David Smith of The Morgan Report and regular contributor to MoneyMetals.com joins me for another enlightening conversation. David tells us how much longer he thinks the upside move will last in the gold and silver markets and also weighs in on Bitcoin and the crypto-currencies. Make sure you stick around for my interview with David Smith, coming up after this week’s market update.
As a massive storm bears down on Florida, concerns about political and financial storms emanating from Washington D.C. are helping drive precious metals markets higher.
This week Democrat leaders convinced President Donald Trump to kick the can down the road another three months on raising the debt ceiling. So, in December Congress will have to come up with another funding scheme that will undoubtedly punt again and add hundreds of billions of dollars more to the national debt.
This current half-baked debt ceiling deal was spurred by bipartisan urgency to pass an aid package for victims of Hurricane Harvey. Of course, the billions in new spending won’t be offset by cuts to programs that are less urgently needed.
No, the extra spending will just be added to the government tab, as Senator Rand Paul noted in a speech berating his fellow lawmakers for their fiscal irresponsibility. Senator Paul introduced an amendment to pay for Harvey aid by cutting foreign aid. Yet even as he championed his “America First” amendment, he knew it wouldn’t go anywhere.
Sen Rand Paul: I will proffer this amendment and in all likelihood, the swamp, the establishment, will vote this down because they never want to cut a dime of spending. They're