Front and center this morning, Chris told you all about the new lines and lower borrowing rates that six central banks from around the world, have coordinated. And he told you that the markets liked the move… And the markets continued to like the move all day yesterday, overnight and this morning… But, does this sound like something that can outweigh the debt problems of the Eurozone? To me… The simple answer is no… The longer version of the answer is…
[Read more...]Continue to Buy Gold on Dips
November 16, 2011 By Leave a Comment
Well… There I was, in a room full of CFAs — people with minds that don’t work like mine, or should I say mine doesn’t work like theirs! And at the podium was James Bullard, President of the St. Louis Fed… And it hurts me to talk, and I would not have been able to talk loud enough for him to hear my question… Oh, the things that happen to me!
[Read more...]Jobless Claims Rise Back to 400,000
October 7, 2011 By Leave a Comment
The sweet sounds of risk taking have been playing the past few days, and unless the trap door gets sprung again today, the euro (EUR) will most likely end the week on the good foot, as James Brown would say… After a couple of weeks of euro bashing, the euro has quietly rallied… And it can all be pinned down to the idea I told you about the other day, regarding a rumor about recapitalizing European banks…
[Read more...]Gold’s Drop Below $1,800 Didn’t Last Long
September 21, 2011 By Leave a Comment
Good day… And a Wonderful Wednesday to you! Thanks to each and every one of you dear readers, for your kind words and thoughts yesterday. I truly appreciate them! I’m very lucky to have so many readers that I feel are “friends”… I think about sitting down with a nice hot cup of coffee, and the Pfennig, and me talking to you, as if I was sitting right there with you… If I ever stray from that type of conversation, please remind me of my roots…
[Read more...]Gold’s Drop Below $1,800 Didn’t Last Long
September 21, 2011 By Leave a Comment
Good day… And a Wonderful Wednesday to you! Thanks to each and every one of you dear readers, for your kind words and thoughts yesterday. I truly appreciate them! I’m very lucky to have so many readers that I feel are “friends”… I think about sitting down with a nice hot cup of coffee, and the Pfennig, and me talking to you, as if I was sitting right there with you… If I ever stray from that type of conversation, please remind me of my roots…
[Read more...]Central Banks to the Rescue
September 16, 2011 By Leave a Comment
OK… Well, the old saying that “the currencies rally while Chuck is away” was drug out of the closet and dusted off yesterday. The currencies did rally, and rally strongly, I might add! But all that good rallying is being wasted this morning, as the dollar fights back.
The Eurozone leaders are meeting in Poland as I write… (This is the meeting that US Treasury Secretary Geithner is attending to lend his expertise in ending a debt problem… OK… I’m laughing so hard right now, I can barely type!) Anyway… The irony of all that can’t get in the way of what’s being discussed, which is a way to give everyone a warm and fuzzy on collateral for the loans they are giving to Greece… Finland has been a real pain in the rear for the Eurozone leaders, as they have, and rightly so, demanded good collateral for their loan participation…
[Read more...]BOE Unanimously Leaves Rates Unchanged
August 17, 2011 By Leave a Comment
Good day… And a Wonderful Wednesday to you! Well… We had the Swiss National Bank (SNB) meet already this morning, and Bank of England (BOE) minutes released, so it’s been a busy morning overseas… Here on our trading desk, we’ve been swamped, but that’s all good, eh? I’m really busy and on top of that, have to step out this morning for a while… When it rains it pours, eh?
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Rate Cut Week Next Week?
OK… It’s a Jobs Jamboree Friday… (Doesn’t it seem like we just did this?) The experts are looking for the economy to have created 125,000 jobs in November… Hmmm… While that would be nice to see, I doubt it has legs to stand on… IF, we really count the jobs created correctly… Remember that in October the BLS (Bureau of Labor Statistics) told us the total jobs created for the month was 80,000? And then I told you that 102,000 jobs were added from the Birth/Death Model… Or as I like to call them…“ghost jobs”… So, that’s what I’m talking about when I say “count jobs created correctly.”
[Read more...]