From the July 19th issue of COIN WORLD magazine:

”Through the end of June, the U.S. Mint had sold 4.344 million more American Eagle silver bullion coins than it sold during the same six-month period in 2009.

Through June 30, the Mint recorded sales of 18,168,500 silver Eagle bullion coins in 2010.  During the January to June period in 2009, sales of the silver bullion coin totaled 13,824,500.

In 2010, the Mint has sold an average of nearly 3.03 million coins for each of the first six months of the calendar year.  During the same period in 2009, the monthly average was slightly more than 2.3 million coins.”

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The news as we go to press is that the Fed is more worried about deflation. They must be reading this newsletter which as been mentioning the D word for months.

Of course their solution is to print money in a different way in the form of buying up Treasuries. It will be interesting watching this unfold over the next 6 years.

Here’s a good article that explains:

http://www.nytimes.com/2010/07/30/business/economy/30fed.html

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US Stocks – Short term trend remains down. The next down-draft is expected to be sharp with the Dow falling several thousand points. Downside potential remains historic. Long term trend down though mid 2016. This phase down in stocks will be larger than the 2007 – 2009 decline. It has already started and the public is clueless. I expect ALL world stock markets to fall.

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US Dollar -  Short term prices are approaching a low. Intermediate term US Dollar trend remains up. This rally could last another year or so. Long term trend down, as is the case of all unbacked paper currencies since the beginning of history.

Interest Rates – Short term rates down but near a low. Long term trend remains up but interest rates may stay in a low range for months, maybe years.

Precious Metals – Short term trend is turning back down or will after one more push up to its recent highs. Long term trend is up. At some point in the future I believe that paper currencies will have to convert to some type of precious metals backing. Or people may just lose faith in paper money .We want to be in silver BEFORE that happens. Interest in silver continues to grow as evidenced by the record breaking Silver Eagle sales and of course the fact prices have been rising.

Real Estate – Down.

The Economy – Down. Deflation will accelerate. Unemployment should ultimately double before this deflation ends. The largest measure of money supply in the US, M3, is contracting at a rate that is only comparable to the Great Depression  (see  http://news.goldseek.com/PeterCooper/1275321600.php )

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