Tuesday, November 15, 2005, 7:32:00 PM EST Gold and Dollar Market Summary Author: Jim Sinclair
Gold still improves internally as the dollar rises and the Fed Chairman elect is recommended for canonization by Wall Street. The dollar chugs along on reports that the US economy minus this and minus that is simply dandy.
M3 numbers are no longer available nor is other important data that allows us to see what the Fed is doing in terms of monetary management. Nonetheless, the Fed Chairman elect, Ben Bernanke, informs us we are going get a more friendly transparent Fed. Do you honestly think he had nothing to do with closing the window on this important monetary data. Perhaps he has taken it upon himself to redefine "transparency?" Yet despite all this, the accolades keep flowing in from Wall Street, making you think he had descended directly from heaven.
Do you think auto sales would be dropped from the US retail sales figures if they were rising? No, because if they rise they are not volatile which is good. When auto sales collapse, however, they are considered volatile and are thus ignored in the calculations.
Those that have a vested interest in seeing the stock market strong and want the dollar higher support the interpretation of the retail figures as being truthful. These people should work a few shifts on the assembly line to understand the fear of losing everything you own due to retrenchment and redundancy. All of this is happening while tax cuts for the super wealthy are being recommended by the Fed Chairman elect and entitlement (safety nets) are dropping like wheat flies in the fall.
This stuff makes me sick and I'm dead serious. I need a doube dose of Pepto-Bismol due to the repeated shocks of these fabrications, redefinitions and outright lies.
Refco has been buried in an auction grave, with no viable reason given for its failure. Florida is still a war zone as a result of the hurricanes but that is ancient history. If a significant part of America fell into the ocean the reports would argue that it wasn't all that important to the country anyway - and it was nice of Mother Nature to take it off our hands. In the meantime, news reports would herald an improvement in the economy in several sectors including air, sea and land rescue, coffin manufacturing and cremation services.
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