Terry Sacka is the Chief Strategist at Cornerstone Asset Metals in Jupiter Florida. As a reputable precious metals dealer, Cornerstone provides guidance for investors who want to hedge their portfolios against inflation by investing in gold and silver.
Terry has been quoted in Investor’s Business Daily, Americas trusted financial news source, for his expertise in the precious metal markets.
As reported by CNSNews.com Treasury Secretary Timothy Geithner said Friday that Congress should stop placing legal limits on the amount of money the government can borrow and effectively lift the debt limit to infinity.
On Bloomberg TV, “Political Capital” host Al Hunt asked Geithner if he believes “we ought to just eliminate the debt ceiling.”
In the past month we have seen silver pull back from a six-month high. Most notably was Monday September 24th 2012 when a major cartel dump occurred, the U.S. dollar strengthened, owing to profit-taking and overheated stockpiles.
Spot silver prices fell 1.51% to $34.10 an ounce. It’s rallied 18% in the past month and 24.28% year to date. By contrast, commodities lost 1.25% the past month, while adding 9.47% year to date. The S&P 500 rose 3.45% the past month and 17.97% year to date.
Fund managers and traders were booking profits as that week marked the end of the third quarter. Silver appeared to be struggling to break and hold the $35 per ounce level which was its resistance level in October and November of 2011.
China customs data displayed information that silver imports grew in August to 304 tons from 272 tons in July. Although this may be a signal that the upward trend in silver inventories in China is ending it is still believed that domestic stockpiles are extremely large at the moment.
Terry Sacka interviewed by Investors Business Daily
A major, undisclosed “cartel” dumped its silver this morning, halting the rally, said Terry Sacka, chief strategist at Cornerstone Asset Metals in Palm Beach Gardens, Fla. Cartels are bullion banks such as HSBC in China, Barclays in England and J.P. Morgan in the U.S.
“They are currency and market manipulators,” Sacka said. “They control or try to control the physical market to aid and abet the fiat markets and governments they help out. They try to control the impression of inflation or debt and credit globally.”
In the last 24 hours, they sold 62.5 million ounces or 2-1/2 times the annual U.S. mine production in the futures market, he said.
It's easy to get started with a precious metals investing account today.Your precious metals investments account is liquid and can have funds wired to you as needed. To get started contact Terry Sacka.
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