Monday, October 18, 2010
Americans are acquiring guns, silver and going on food stamps at record levels in reaction to the crumbling economy, trends indicative of a fearful public who are struggling financially and preparing for potential mass civil unrest in the aftermath of a total economic collapse.
FBI records and Google Trends research shows that firearms purchases are still at record highs, but that ammunition sales have leveled off, suggesting that a flood of first-time gun owners have rushed to protect themselves from the potential of higher crime and even civil unrest in the event of a widespread financial meltdown.
“That tells us that there are more first-time [gun] buyers coming in to buy firearms and that speaks to your worries about security. They buy a few rounds [of ammunition] first time, but they don’t buy more,” ConvergEx Group Chief Market Strategist Nicholas Colas told CNBC.
Interest in silver coins is also surging, with Americans looking for more affordable ways to protect their increasingly devalued dollar savings with many unable to afford soar away gold prices.
“Just two years ago, silver coin sales were on the magnitude of 1 million units a month, now it’s 3 million units a month,” said Colas.
Used car prices have also tailed off, a reflection of shaky confidence in the much heralded “recovery” of the U.S. economy. Meanwhile, Google searches for how to get food stamps have also skyrocketed. (more)