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Gold/Mining/Energy : Gold Price Monitor
GDXJ 98.59-2.8%Nov 13 4:00 PM EST
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To: KatayamaGorobei who wrote (71266)6/8/2001 10:30:30 AM
From: Gary H  Read Replies (1) of 116759
 
Bad moves at a bad time.

April’s consumer credit release does not change the underlying situation for consumer borrowing. After upward revisions to last month’s release and this month’s strong result, consumers’ appetite
for acquiring debt appears undiminished. With credit card debt growing at a pace that far exceeds
income growth, consumer credit quality will continue to deteriorate.

Despite the slowing economy, consumers continue to acquire debt at an astounding pace. The
dichotomy is explained by the fact that consumers are using their credit cards to maintain their
pace of spending despite weaker income growth and job creation. The fact that growth in
non-revolving debt has slowed reflects waning consumer expenditures on big-ticket items such as
automobiles.

dismal.com
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