bad argument.. Just look at the 70's when inflation was running out of control! Jobs were scarce and spending was down.
Answer: It isn't.. That is why gold wasn't taken down a lot more. That is actually a bad report. It means the average income has decreased a good amount for those 500k people. Went from making $20 per hour to $9 part time.. Not so good..
That is a huge amount of inflows!
Back to the gold bull market it seems. Wait till we get a surprise CPI upwards and we will see huge volume and price increases! We may see $1400 after that number. jmho
and gold would be $2000+
I know.. It is actually kind of crazy that most American's do not call the Fed out on this. Food and fuel is half of our monthly budget.. Our food and fuel bill now exceeds $1800 a month when just 14 years ago it was $1000... Just crazy!
That will be the bankruptcy of most commercials that have that short. They will be unable to cover if gold spikes quickly... It will happen when cpi spikes.. iu3rdstring that was the reason it spike over 40 last week.. If the cpi spikes gold will spike again. jmho
iu3rdstring, what happens if China backs their currency with gold? The have been buying massive amounts of gold recently and they must want to do something with it. China is not allowed to export gold and all the mining companies are required to sell their gold back to the government. Not one ounce of gold is exported and they are importing tons! Who knows how much they are producing, that is not reported. Also, what happens if the petro dollar goes bye bye? These two issues are huge for the USD.. What say you?
Agreed... I just don't know when this whole house of cards collapses.. They have been calling for armageddon for a long time now.
because 90% of those jobs were sub $10 per hour that is why.. No one has any money for anything but the bare necessities...
My wife and I were talking recently about cost and wages over the last 14 years. It prompted us to look back at our food and energy costs 14 years ago compared to today. We were quite astounded as to how much our costs have gone up. In the year 2000 our average grocery bill was approximately $850 and that was for 6 children and 2 adults. Today we feed 3 adults and two young teens and it is $1300 a month. We have not changed the type of foods we eat. In 2000 gas was $1.20 per gallon.. It has now tripled! Beef was $1.49 per pound and now it is $3.50 per pound. Milk was $1.49 a gallon and now it is $3+.. Watermelon were. $1.99 each and now they are over $4... Our food bill has doubled (if you include feeding less people) in 14 years but my income has only gone up 11%. Our fuel bill for our vehicles has tripled! Movie tickets have doubled, all sporting events have quadrupled, our cable bill has doubled, our gas and electric have gone up 60%, chicken wings were .39c per pound they are now $2.49, almost every fruit has at least doubled as has cereal. No wonder the
American people live paycheck to paycheck. When will it end? No inflation??? Yeah right!!
also, volume was very light which should of made for an even more larger sell off..
Gold should of sold off $25 dollars or so.. It did not!! A lot of bullish bets out there for gold. Not a lot of short side left here.. See how Asia trades it tonight and Sunday night but I have a feeling gold will open over $1335 next week.. Only time will tell. jmho
sideways from here I think..
should run past $1350 if we bust thru it
was watching as China released its first set of numbers last night at 9pm and gold really spiked on that first number... it went up 7 dollars for a little bit.. I wonder why??
Need good numbers for gold to move up more tonight..