Oh — and to round out last week an absolutely ripping 2.5% U.S. GDP growth rate. Never mind that it quickly evaporates once the unsustainable slide in the savings rate is accounted for...
As an aside, the OECD just cut its 2012 growth outlook for the U.S. to +1.8% from +3.1% (that is more than just a trim; that is a proverbial buzz-cut) and to +0.3% for the Eurozone from +2%...
Yes, yes, the Chicago PMI appears solid and “non-recessionary” at 58.4 but it was 56 in December 2007 — that was the same month the Great Recession started. Look, hope worked last week and for October as a whole, and while you can trade around emotion, you certainly don’t want to overstay your welcome, either...
Gold has not reacted much to the news as it hugs its 50-day moving average, which itself is now consolidating but this is all very much fertile geopolitical ground for the yellow metal.
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