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The following article was published in our article directory on February 13, 2013.
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Banking Analysts: U.S. Treasuries Are Junk Bond Status Now, Buy Silver, Buy Gold

Article Category: Finances

Author Name: James A. Bakerman

Delusion may lessen the panic of the public but what it certainly can't do is carry our country out of economic night. No, not even the illustrious power of speech can combat the losses our country continues to trudge through in response to the recent S&P downgrade. Banking analyst Dick Bove documented that our credit rating could be even worse if we were judged on a single scale as a private company.

Bove asserts that the S&P should not be blamed for the downgrade. The U.S. balance sheet is a joke. The national debt and it is exponential gains are going to be impossible to pay off. There was virtually no other choice, but a limit. It could be (maybe should be) a lot worse. "You've got a company that is losing about $1.4 trillion this year, probably will lose somewhere around a trillion dollars over the next couple of years. This owes $14.4 trillion (and) over the next 5 years that will get up to $20 trillion," the Rochdale Securities analyst stated.

"So there's no likelihood whatsoever that this particular company is able to pay down from its own resources the actual amount of debt that it offers, nor is there any probability that it's going to get rid of it's deficit," he added. "If that was a real company, obviously, that would be a junk relationship." Moreover, Bove predicts further downwards trends in the stock markets, despite a rebound early this Tuesday morning. According to him, there "has been a complete change in the financial structure of the world," people - actually our own president - just haven't come to that conclusion quite yet.

It's time in order to embrace that change and cease with futile attempts in prolonging the turmoil. "We're building a book currency around a country that is bankrupt and can't pay its financial debt. How can you in essence be aggressive as well as say, 'I know where the base is, or I know how this is going to adjust'?" he said.

"We have individuals buying Treasury securities because they're worried about the Treasury," he added. "We've got people selling banks shares, taking the cash and placing into the banks for security. It doesn't make sense. What you're viewing is this adjustment is occurring and individuals are not sure how to react to this adjustment."
On a positive note, Bove recommends one seemingly obscure choice if you still want to buy bank stocks: Bank of America. Yes, they faced a crucially sharp sell off yesterday (Monday), only to be followed by a good impressively sharp rally today (Tuesday).

Bove's not buying any stocks right now, but if he did, he'd go for Bank of America. According to Bove, Bank of America has a "ridiculous" amount of money, with no immediate threats to their thriving well being...phoning yesterdays little setback "a little bit obscene". My recommendation is to buy gold and buy silver to protect your wealth from the economic chaos and financial ruin that is upon us now.

Keywords: kitco silver, gold, silver, silver coins, gold coins, silver price, gold price, silver prices, gold prices, investing, precious metals, gold and silver

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