Saturday, November 29, 2014
THE MOST IMPORTANT CHART IN THE WORLD FOR GOLDBUGS: oh and some news too
OK, there's some interesting news in the pipe this weekend, so let's get to it:
Calculated Risk - possible headline next Friday: "best year for employment since 1999". And with state governments spending again, and consumer deleveraging about done, this might bode well for US consumer strength. Can we get another +20% year in the S&P 500 in 2015?
FT Alphaville - a copper bullion story. How JP Morgan diddled the copper market. Andy Home really made some waves if he even made Izzy Kamizzy care.
Mineweb - how JP Morgan struck gold with copper. Mineweb reposts Andy Home's article on JP Morgan's diddling of the copper market.
Reuters - India eases gold import rule. Boo-ya! That's one strike against the gold bears right there.
Business Insider - India is loving the oil price crash. The $40 drop in oil prices means (according to Citi) means -1.6% to India's CPI and +0.4% to their GDP. In addition, it reduces their current account deficit, meaning there is no reason to tax gold imports. And India imports a lot of gold. Do you see now, how gold is not oil?
Mining.com - another huge gold price takedown. And yet Wall Street Whitey does this, because he thinks gold is oil. 24 million ounces got puked into the market and they still couldn't make gold break down in US dollars and still couldn't make the US dollar index break upward? When are they going to learn? Well, they'll have to buy those ounces back someday. Because gold is not oil.
In the meantime, this is still the single most important chart in the world for goldbugs:
Painting big red candles hasn't accomplished anything for Wall Street Whitey all year. Wonder when he'll figure that out?