01 April 2015
Gold Daily and Silver Weekly Charts - Q1 GDP and Our Humanity at the Zero Bound
The cause of the rally was not clear, but it looked like a bad case of economic data jitters and geopolitical heebie jeebies. Was it Iran or Greece, or both?
The emphasis was very much on gold with the gold/silver ratio soaring to 71. That made me want to pick up just a little silver, but not much ahead of the usual nonsense at the end of the week.
Let's see if the metals can make a decent showing of holding these levels for the next week before our enthusiasm burns brightly.
Non-Farm Payrolls on Friday. They may move the metals without regard to their validity or real significance.
There was negligible activity in the bucket shop's warehouses.
Yep, the latest Atlanta Fed estimate of Q1 GDP is now.... wait for it.... zero. As in one bip from contraction.
I know that is a rhetorical question, because Tony is well schooled in the real world, smarter than the average hare-brained economist staring uncritically at their dopey models.
Has something changed? Does the Fed care about the real economy now, at long last?
WWJD - What Will Jamie Demand?
The economy probably did show a real negative GDP in Q1, as if they would ever dare to print it in a leading number except with a screaming warning label of 'The Weather Did It.' More likely we will see it in some little noted future revision when no one cares anymore.
Global warming is one serious problem, of course, but the global bullshit storms emanating from the world's financial centers are becoming even more deeply discouraging.
Have a pleasant evening.
Posted by Jesse at 4:22 PM