Mish's Global Economic Trend Analysis |
| Posted: 20 May 2013 11:34 AM PDT Here's the question of the day: If you have a choice (and you many not for long because companies are abandoning grandfathered plans) Should you skip Obamacare and keep your old plan? Any policy in place on March 23, 2010, the day health reform was enacted, falls under the grandfather exemption. As the Obama administration put it, if you like your plan, your doctor or both, you can keep them. Last year some 60 percent of employers, large and small, offered at least one grandfathered plan during open enrollment, according to the Kaiser survey. New employees can also join a grandfathered plan so long as the company has maintained consecutive enrollment in it. Comparison Points
Obamacare Lie: "You Can Keep Your Existing Plan" That difference in monthly premiums of $190 vs. $279 will entice many to keep their existing plan, assuming it is still offered. However, that setup won't last very long because companies cannot raise premiums on grandfathered plans. Simply put, Obama lied when he said "you can keep your existing plan", knowing full well the law was purposely written to make sure that would not happen over time. Eventually you will be stuck with a new Obamacare plan and higher premiums whether you like your existing plan or not. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com |
| Wild Swings in Gold and Silver; Time to Give Up Hope? Posted: 20 May 2013 10:03 AM PDT Overnight action in gold and silver was interesting to say the least. Silver plunged 10% and was halted four times in a flash crash, of sorts, yet is now in the green. Silver 10-Minute Chart  click on chart for sharper image Silver hit as low as $20.25 and as high as $23.24. The maximum rally from the low was 14.8% Gold 10-Minute Chart  click on chart for sharper image Action in gold was also pronounced, but not quite as wild as silver. Gold fell $25 from the open but is now up $22 and and in the second-to-last 1--minute candle (about 10 minutes ago from this posting) was up another $10. Time to Give Up Hope? Louise Yamada says it's Time for Gold Bulls to Abandon Hope. Is it? I think most already have. There is amazing pessimism in the sector already, and abandonment of hope is what it takes to set a bottom. Are We There Yet? I don't know if we have reached the point of extreme pessimism yet, but nor does anyone else. Are we close? I believe so. Large Specs Trim Gold, Silver Net Longs Please consider Large Specs Trim Gold, Silver Net Longs. Large speculators continued to pare their net bullish positioning for gold and silver futures and options but increased it for platinum and palladium during the most recent reporting period for data compiled by the Commodity Futures Trading Commission.In percentage terms, the decline from just over 1900 to the $1325 area is just a normal looking correction. Yet, fund speculation is at the lowest level since 2008. While not a timing mechanism, pessimism seems rather extreme for such a normal looking correction. Nothing has changed fundamentally as irrational exuberance abounds in nearly all the equity and bond markets, all running on nothing but momentum and unwarranted faith in the Fed to keep the bubbles expanding. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com |
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