LOS ANGELES, Aug. 4, 2011 /PRNewswire/ -- While everyone has been focused on raising the debt ceiling, Leland National Gold Exchange's CEO Doug Mears has other concerns. "Until we actually see Congress and the President talk about lowering future debt ceilings because we've been able to cut spending and entitlements, we will not get to a place where we will have a balanced budget."
Globally, Mears feels the damage has already been done, and our continued inability to seriously deal with our fiscal problems will lead to years of price increases for gold.
"When the best Congress can do is increase our debt ceiling by $1 trillion dollars while cutting spending by $1.2 trillion dollars over 10 years, which still increases our public debt by $7-$8 trillion dollars in the same 10 year period, then we're fooling ourselves to think that smoke and mirrors is going to solve our financial crisis," said Mears.
Leland National Gold Exchange agrees with many analysts who see Gold hitting the $5000 an ounce mark. While he concedes that these price projections were extreme 3 years ago, supply and demand factors are helping to drive the upward movement of gold prices.
"At this point, most Americans realize that our dollar is shrinking in value by 7-9% each year. The fact is that we may see even greater erosion of our currency, if and when the dollar loses its status as the world's reserve currency. All the talk about a downgrade of our credit rating has already heightened concerns globally about our inability to do what needs to be done, putting into question just how soon before the United States sinks into a catastrophic financial crisis," Mears commented.
Leland National Gold Exchange specializes in providing both individual investors and corporations sound investment strategies to secure and grow their wealth through ownership of gold and the full spectrum of Precious Metals.
"Gold is considered one of the safest asset classes and has also been among the best performing ones over the last ten years," states Mears, who is also host of the nationally syndicated Main Street Money Show, which is seen on numerous television channels throughout the country including the Fox Business Channel and Bloomberg Television.
Investors who would like to arrange for a free telephone consultation should call 1-800-400-1849, or visit http://www.lelandgold.com for further information.
Contact: Doug Mears, CEO - 1-800-400-1849
SOURCE Leland National Gold Exchange