It depends on how cynically you want to look at this but I think the most cynical interpretation is the correct interpretation. – IRD on SGT Report
The Government is going to “herd” retirement funds into funding U.S. Treasury debt. – SGT Report
About 12 years ago I said to friends and colleagues that the elitists would hold up the system with printed money for as long as it took to sweep every last crumb of middle class wealth off the table and into their pockets. If you don’t have enough spare cash laying around to buy your own Federal level politician, you’re middle class by definition.
After they plunder the housing market, the last asset left to confiscate will be the retirement assets. That process has started and the SGT Report invited me on to his podcast show to discuss the shocking notice he received from his 401k administrator.
The next issue of the Mining Stock Journal will be released Thursday. I will focus on the stunning move in silver and will feature a very interesting and speculative gold exploration company which is getting ready to begin drilling the property using modern technology around one of the formerly largest gold mines in the world.
$690 FRN’s says cup and handle chart,
Whatever that means in your mart.
Fundamentals taken to heart?
Load up silver in your cart?
You may have had a head start,
But it’s less about dumb or smart,
Than enjoying living as art.
What I find interesting about this run, so far, is I sense that people are still terrified to go near the PM’s and miners. They’ve been whacked every time and aren’t prepared to get whacked again. Likewise, the BTFD crowd sees no problem in continuing with this “no-lose strategy”. But like Taleb says everything works great for the turkey, too, until a few days before Thanksgiving.
This really has to do more with money market reforms than the idea that the government coming after your retirement money. These reforms are due to the run on institutional money market funds back in 2008. The amendments to the rules that govern money market mutual funds was introduced almost two years ago and have to be in effect by October 14th of this year. Changes include a floating NAV, redemption gates and liquidity fees for certain types of money market funds.
So it is not shocking for retirement plan administrators to do the right thing and switch their money market fund to a better choice. I, for one, am glad that Vanguard is switching their brokerage settlement fund from their Prime money market to their Federal money market. It is relatively safer.