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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: XBrit who wrote (92122)	3/12/2008 5:37:44 PM
From: orkrious	Read Replies (2) of 110194

An example of what you get with a Lance Lewis subscription. From his intraday comment: dailymarketsummary.com March 12, 2008 3:27 EST: Saudi Arabia Open To Dropping Its Dollar Peg? At a joint seminar of the Eurosystem and the GCC in Mainz, Germany today, Hamad Saud al-Sayari, governor of the Saudi Arabian Monetary Authority, said there are `no impediments'' to the use of the euro as a reserve currency and it will become more attractive as it increases in liquidity. Although the governor denied the GCC is planning to meet next week to discuss whether member states will continue to peg their currencies against the dollar, this is a significant change in rhetoric from Saudi Arabia, which up until today has always immediately dispelled any suggestion that Saudi Arabia could depeg from the dollar. The GCC has scheduled a meeting on the 23rd and 24th to discuss their common inflation problem and dollar peg. With the Fed set to ease 75 bps next week, this peg is increasingly become untenable. And any depeg from the dollar by the GCC would be a de facto repricing of oil in currencies other than the dollar by OPEC, which would obviously have huge implications for oil, gold, the dollar's status as the world's reserve currency, US bonds, and US inflation. Does this have something to do with the fact that both oil and the euro made new all-time highs today? I suspect it does… It could also be part of the reason that spot gold rallied up to its downtrend on the hourly charts today and appears to be poised to make a run for $1000 tomorrow…

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