from Zero Hedge:
The average US worker remains concerned about their retirement even as
the stock market reaches new all-time highs. The WSJ reports new data
that shows the impact of stagnating wage growth and aging demographics
is combining to squeeze individuals as a depressing 57% of Americans reported less than $25,000 in household savings and investments. On the bright side, the latest and greatest ‘Cyprus’ tax limit appears to be €20,000, or roughly the $25K threshold in the US, freeing those ‘un’-wealthy citizens to keep their hard-earned private property.
On the dark side, 28% have no confidence they will have enough money to retire comfortably – the highest level in 23 years.
Americans are living longer and their extended life spans are putting
additional strains of pension plans as the percentage of workers who
have saved enough for retirement plunged to 66% (from 75% in 2009).
Read More @ ZeroHedge.com
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Gold is about to take out $1,600…We may never see that $1,600 level ever again. – Jim Sinclair on King World News - Jim Sinclair, King World News interview LINKI highly recommend reading all of Jim Sinclair’s recent interview postings on King World News, as he does a great job explaining the significance of the Cyprus crisis, what it means for gold and why the mainstream media is completely missing the mark in reporting the situation.
The way I see the Cyprus situation, it is the trigger we’ve been waiting for to ignite the next big, long-term move in gold:
Based on the current QE program, the Fed’s monetary base projects out to be at $4 trillion by 2014 – a 31% increase from where it is today. If we assume that gold does a “mean reversion” in its correlation with the Fed’s monetary base – a high probability assumption given the high correlation observed since 2008 – a 31% increase in the price of gold as of today – $1610 – would imply that gold has a high probability of going to $2100 by the end of 2013. In fact, I will make that my price prediction for gold for 2013.READ MORE