I’ve got good news and bad news on gold. First, the good news …
After fleeing in 2008, investors return to red hot mining shares
Red hot mining shares are set to keep outpacing other sectors as the top beneficiaries of a growing belief that the global recession will be short.
Now, the bad news …
GFMS warns of extremely negative fundamentals for gold, silver
GFMS Executive Chairman Philip Klapwijk reckons that fundamentals for both gold and silver are extremely negative, although he concedes that current government policies might prolong the bull markets a little further.
IN OTHER NEWS …
Oil tops $60 a barrel as China imports rise, dollar weakens
NEW YORK (MarketWatch) — Crude-oil futures rose more than 2% Tuesday to the highest level in six months, briefly topping $60 a barrel as data showed China’s crude imports for April jumped nearly 14% from a year ago.Oil also got a boost from higher U.S. stock futures and a weaker dollar, which tends to push up dollar-denominated commodities prices such as gold and crude. The rally in oil came even after analysts expected another buildup in U.S. inventories.
Prices at the pump are up 20 cents over the last 14 days but analysts say $4 a gallon is not in the cards.
U.S. Government Receipts Collapse
Black swan: as every American knows, April is tax time in the U.S. of A, and accordingly April receipts normally vastly exceeds outlays. Not this year, for the first time in living memory, receipts are lower than outlays in April, a whooping 34% lower than last year. The accumulated deficit for the first seven months of the [fiscal] year is almost double the entire total for last year.
Are You Feeling Poorer Yet? Probably Not as Poor a
s You Should Feel
The IMF estimates that the cost of the current crisis to the United States will eventually reach 34% of GDP or close to $5 trillion. However, the Obama administration, through its various implicit and explicit guarantees, is already using a number close to $9 trillion. And Reinhart and Rogoff’s historical average of 86% of GDP implies an ultimate cost of over $12 trillion!
RealtyTrac: April foreclosures rise 32 percent
The number of U.S. households faced with losing their homes to foreclosure jumped 32 percent in April compared with the same month last year, with Nevada, Florida and California showing the highest rates, according to data released Wednesday. Ohio was in the top 10.
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