Gold saw modest gains in holiday thinned trade yesterday before it fell back to $1331.80 in London today, but it then jumped back higher in afternoon New York trade and ended with a gain of 0.1%. Silver slipped to as low as $16.791 and ended with a loss of just 0.17%.
Every month consumer debt in aggregate hits a new record. Auto loans and student loans have been hitting monthly record highs for quite some time. In November credit card debt hit a record high in total and increased a record monthly amount for any one month. Mathematically this cant go on forever. In fact, there are signs indicators not reported widely by the financial media and, predictably, completely disregarded by Wall Street that indicate the debt party is coming to an end. Events that follow the end of the party will be less than pleasant for the majority of U.S. households.