World in Default? Greece, Market Crash… – #CTSECN @CrushTheStreet


On Tuesday the US Mint suspended Silver Eagle
sales with the intend to resume selling in August. Major bullion dealers APMEX, Provident
Metals and DBS Coins are showing stock delays for many common silver products. As Andy Hoffman
said this past December in a SilverSeek article titled “Major Silver Shortage Must and Will
Occur,” there are “essentially ZERO inventories of material size readily available for sale…inevitable
a silver shortage of epic proportions” is coming. Looks like we’re already seeing it.
Premiums for generic rounds are up to a dollar 50 to two fifty that used to be less than
a dollar. Greek banks will be shut for at least two
weeks as they have been closed since June 29th, and are to remain closed this week.
Greeks have only been allowed to withdraw roughly 60 dollars worth per day from ATM’s
and have been barred from buying gold coins. Turmoil is sourced from the years long government
debt issue that came to a head last month when multiple debt payments were missed equaling
a technical default for Greece, though plans to patch it are still being debated; recently
Greece voted no to an austerity plan proposed by Europe. The Greek’s Prime Minister ‘had
a meeting with Western adversary Vladimir Putin of Russia to perhaps discuss a counter
plan for Greeke solvency with Russia’s help. The new deadline for Greece to make a deal
is this coming Monday. Reports now say Greek people are panic buying kitchen appliances
to bypass withdrawl restrictions. This crisis in Europe will inevitably hit
the US even harder soon, and is likely a factor in recent US located problems including the
stock market. The Dow, which is down over 1.5% for the year,
went down 261 points Wednesday. On the same day the New York Stock Exchange shutdown for
three and a half hours. Officials insisted that this was not the result of a cyber attack
despite issues with United Airlines causing the FAA to ground their flights and major
websites going down such as the Wall Street Journal and ZeroHedge all in the same day.
Norsecorp reported Chinese DDOS attackers focusing on St. Louis Wednesday. Not to speculate
too wildly, but could this be war games between China and the United States going on right
now? Before the NYSE was shutdown, Chinese stocks
suffered huge declines; the biggest plunge for the Hang Seng Index since the 2008 financial
crisis at 5.8%. The global economy is so dependent on China
that if the country were to completely implode, a world-wide depression would likely result. Crazy enough, China has banned in many ways
the selling of stocks. On July 8, China’s securities regulator banned major company
shareholders, corporate executives and directors from selling their shares for six months.
SHTF Plan reports that retirement fund brokers also are not allowed to sell any shares; imagine
if this happened in America? The Shanghai Composite Index has fallen almost
a third since peaking on June 12th. Trading was halted on 40% of the stocks. Again, this
could be asymmetric warfare between the US and China as we’re both experiencing bizarre
market problems simultaneously. Yesterday the 3-day BRICS Summit began in
Russia. As we predicted on May 15th, after OPEC did
not cut oil production we saw a short-term plunge with oil prices dipping down to the
50 /55 dollar range. These lower prices can also be attributed to the most recent global
economic headwinds. However, the good news for Americans is that they will enjoy the
lower prices at the pump. Bitcoin has reached a four month high back
over 270 dollars. The GBTC stock and bitcoin price are continuing to converge. We will
likely see an overtake of 300 dollars per bitcoin within the next few months, especially
as the Euro crisis deepens. In budget news, the US 2016 budget is under
appropriations voting and Puerto Rico could see a shutdown in the next few weeks if creditors
fail to renegotiate their debt.

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