As predicted by many, Venezuela's oil output is faltering under the wise and able leadership of Hugo Chavez. Today it was announced they are cutting production by 40,000 barrels a day at the famous Boscan field.
On another note, according to my wise friend Larry Jeddeloh, the money supply growth in the last 12 months for the UK M4 is up 13%, Eurozone M3 is up 10.6%, China M2 is up 15.9% ,South Korea M3 is up 10.6% , Australia’s M3 is up 13% and Russia’s M2 is up 48%.
With numbers like this it is obvious that global central banks are continuing to provide a lot of liquidity to the markets.
For this reason and others, we expect this correction to be relatively short, after which gold and foreign stocks should rally strongly.
Yours, Monty
ASX Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
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