One would believe that from recent action this week particularly in the precious metals sector that “Dear Me, The Sky Is Falling!”. In reality, very little has changed in the specter that is haunting the global economy.
There is an old French saying, “The more things change, the more they remain the same.” Observe that the Germans are ambivalent about bearing more gifts to the Greeks. Portugal, Italy, Spain are still in fiscal trouble. The vaunted employment figures omit the millions of our citizens who are living on unemployment benefits. What about the millions of bread winners over 50 years of age who have given up the search for employment.
So remember the next time the metals get slammed, there’s more at work than just simple market forces.
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