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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (16076)	11/17/2004 1:49:15 PM
From: Chispas	Read Replies (3) \| Respond to of 116555

IRS and the new gold ETF (this is the correct way, IMHO) : just said on CNBC (theoverlord) Nov 17, 13:04 Gold ETF to be taxed as a collectable. 28% rate, not 15% capital gain rate. (Comment on Gold Eagle)

To: mishedlo who wrote (16076)	11/18/2004 5:02:48 AM
From: zonder	Respond to of 116555

As I said before, trusting US t-bill market as your sole indicator of market sentiment on inflation is not a very good idea, due to the crushing presence of foreign investors whose reasons for investment there have nothing to do with interest rates on offer, nor even when they are negative in real terms. Look at gold - at $444 today. Could that have anything to do with the market's inflation expectations? No one, and I mean no one thinks that 5 rate hikes matter "No one" among US t-bills' foreign buyers such as Asian central banks, certainly. Outside of that sphere of natural buyers, your statement is quite incorrect. Everyone thinks the FED can merrily hike 5 times and bank profits will rise, and the stock market will rise, and corporate profits will rise, and housing will keep going, and consumer borrowing will keep going. It's a PERFECT world isn't it? Now I really don't know who this "everyone" is. (I am granting you december but in reality it might not come if jobs data stinks). Well thanks :-) Anyway, I expect the Fed to set interest rates with regards to inflation rather than employment. So, no, job data stinking will not change the Fed's rate hike schedule.