Bernanke Picks a Fight With China in His Latest QE Defense; Citi Earnings; Weak Retail Sales
A few pieces of news concerning the markets and gold:
- Over the weekend Bernanke defended QE3: Bernanke defends Fed stimulus as China, Brazil raise concerns http://reut.rs/RIYRaf Jim again: Finally Bernanke admits what he has denied for a number years: That we are in a currency war, but because he’s the BRAIN, all is fine and dandy. Bernanke effectively told emerging markets that he wants a devalued dollar. Some observers say Bernanke is speaking “fighting words” and telegraphing them directly to China.
- Related Link: Bernanke – I Want To Pick A Fight With China: http://bit.ly/V03ey2
- Labor troubles abound in South Africa, but the price of gold continues to drift lower. Gold Fields suspends all KDC output due to strike – Sowetan Live: Bullion producer Gold… http://goo.gl/fb/OnSuk
- More accounting tricks and treats: U.S. stock indexes cling to opening-bell gains as Citigroup surges on earnings news http://on.mktw.net/XdrrUN
The numbers from Citi are cited as the reason the Dow is up about 25 points. Gotta love one time benefits.
There’s the headline talk of a big jump, a big jump in Retail Sales. No so fast. The “Not seasonally adjusted” figure which plunged by $34 blin. The numbers are flashing recession potential.
The Empire Manufacturing data was also tilted negative.
Noticed on the web….
I found an 8+ year old grocery store recipt on the weekend. Wow…1st thing I noticed, my wife and I have hardly changed anything about our buying and eating habits.
The 2nd thing I noticed was the crazy incrases we have had in prices.
1 can Campbells Vegetable soup was listed as $0.89
We now pay $2.19 for the same can.
Fresh Haddock Fillets were $3.99lb. Now $7.99lb.
4 litres of Skim Milk was $4.59…now $7.59.
1 loaf of whole wheat bread was $.99…now $2.99.
Fresh Green Pepper was $1.99lb…now $3.99lb.
Canned tomato juice was $0.99 a can…now $2.29 a can.
Obviously there was waaaaay more on the recipt, but I just can’t believe the inflation. I’m sure many people have had to stop buying items the are used to buying, and change their life styles a great deal. I have not gotten to that point yet, but I’m feeling the pinch. It sucks.
Changes are needed.
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Author Jim Kingsland
Market commentator with focus on Gold and Silver after long broadcast career at FNN, Bloomberg, and Fox. #RandomHouse published author on PMs. Jim has also been involved in projects for CAC and Coinplex.
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