The Golden Truth: Was The Jobless Claims Number Good? Don't Get Too Excited...

Thursday, December 30, 2010

Was The Jobless Claims Number Good? Don't Get Too Excited...

Of course, the seasonally adjusted headline number over which every talking moron in the financial media is doing an end zone dance over looks great. But here's the golden truth, direct from the Dept of Labor press release: The advance number of actual initial claims under state programs, unadjusted, totaled 521,834 in the week ending Dec. 25, an increase of 24,879 from the previous week.

Here's the press release if you want to peruse the report: LINK

So there you have it. Just more Government and financial media Orwellian/Randian garbage. The fact of the matter is that our economy is starting to fall of a cliff again. Expect more QE and higher precious metals prices in 2011. That will be my only 2011 prediction.

5 comments:

PurewaterThursday, 30 December, 2010
Dave, Thought you would enjoy this...this guy destroys the argument that the many We Buy Gold signs prove gold is in a bubble. Happy New Year!

http://www.solitudecanyon.com/thoughts-from-the-canyon/we-buy-gold
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Dave in DenverThursday, 30 December, 2010
thanks pw! my view is that as long as there are loud voices screaming "bubble," gold ain't even close to being in one.

the fact of the matter is that all of the "buy gold" businesses are evidence that the public is more willing to flee from gold rather than rush into gold. when the public rush starts is when we start to take profits and think about the next "game."
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AnonymousThursday, 30 December, 2010
The time to sell will be when:

1)paper stops losing its value
2)cash-4-gold places start selling instead of buying
3)Oprah Winfrey says tells the public to buy
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MarcusThursday, 30 December, 2010
The time to sell is when:

1) paper stops losing its value
2) cash-4-gold schemes start selling
3) Oprah tells the public to buy
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AnonymousFriday, 31 December, 2010
Shit is false report by the US ruling elite - crooks and leeches sucking the blood of its people - wake up wake up Americans
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Why Gold?

Gold is the world's oldest currency. You exchange your fiat currency (dollars, euros, yen, yuan) into gold as an insurance policy against catastrophic Central Bank and Government policies which serve to destroy the value of fiat currencies and destroy democracy.

Gold can ONLY be considered an investment to the extent that it remains significantly and historically undervalued in relation to the fiat currencies against which its value is measured. Otherwise it remains the world's oldest currency and is completely free from the counterparty risk associated with currency by Government fiat (i.e. fiat currencies rely on a Government's "full faith and credit.")

Quote Of The Month Courtesy of "Jesse"

Unfortunately for Larry Summers, Ben Bernanke, and their friends at the BIS, they have not yet figured out how to print physical gold, silver, and other essential commodities, and the world is reaching the point where it might simply start ignoring the New York based markets with respect to essential commodities such as basic materials, oil, foodstuffs, and the like, as they become increasingly irrelevant, fraudulent, and Orwellian. And then where will the financial engineers be, except with no more excuses and no place to hide?

Here is the link to his entire commentary, well worth a read:

http://jessescrossroadscafe.blogspot.com/2010/07/gold-daily-chart-shock-and-awe-for.html

Great Quote From Jim Rogers On Govt CPI Reporting

JR: I mean, we have inflation now. If you go to the shop, whether it’s groceries, or education or insurance or health care, prices are going up for everything. The government lies about it in the US. Some countries lie, many countries don’t: Australia, China, India and Norway. Many countries don’t lie about it and acknowledge that we have inflation. Others lie about it, the UK and the US, but if you go shopping you know prices are up.

Q: Are you saying that the American Consumer Price Index (CPI) published by the US Bureau of Labor Statistics is a lie?

JR: In my opinion, yes, of course it is. Have you looked at it? They’ve changed their accounting several times in the past few decades. When housing was 20% to 25% of the CPI and housing was going up, they didn’t count it, saying rents weren’t going up, and then when home prices started going down, they counted it. It’s the same with many things. It’s staggering some of the tortuous reasoning that the BLS has used over the past 25 or 30 years. When the price of gasoline goes up, they say it’s not really going up because it’s better gasoline, better quality, therefore you’re getting more for your money. I mean, it’s endless, the stuff that they say and for some reason people sit there, although more and more people are catching on, and accept what the government says.

source: www.clusterstock.com

Quote of the Week

"The primary function of a Central Bank is to engage in the massive transfer of wealth from the middle class to the wealthy elite. The Federal Reserve was set up to do this with the blessing and support of Congress." - Dave in Denver

If you refuse to believe the above, please read "The Creature From Jekyll Island: A Second Look at the Federal Reserve" by G. Edward Griffin and then explain to me why the Senate voted down the Vitter Amendment and Congress refuses to pass a law requiring a full audit of the Fed, even though the Fed is using taxpayer-backed money to bailout Wall Street and Europe.