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clock Created with Sketch. 28/07/23
19:42
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Originally posted by Winmore:
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My take on this general sell off of gold miners is that the U.S. Fed "claims" their economy is in much better shape than many have predicted. Unemployment numbers are 7000 less than previously reported and builders cannot satisfy housing demand. Therefore the economy is robust and resilient. My question is, are they measuring the things at the coal face that really matter? For instance, our own Government claims inflation is 6%, but a visit to the supermarket paints a different picture. Woolies own brand bread rose from $2.20 to $2.70 in one jump. Thats more than 20% and there are heaps of similar price increases over the past 12 months on other items of similar magnitude that we buy regularly. I have received multiple emails from my hardware suppliers of pending price increases this past year. Timber, paint, cladding, roofing iron, bolts, aluminium extrusions, glass etc - the lowest increase was 7.5%, up to and including 30%. The mean would be in the high teens. Anyone having to rent might also laugh at that inflation assertion of 6%. The people that compile these inflation figures dont live in the world l inhabit and l postulate the American bureacrats dont either. Naturally they are going to understate the true state of the economy until it falls off a cliff.
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When they calculate the inflation numbers, food, energy and housing aren't included. It's a good job no one eats, has a roof over their head and doesn't use any energy. At the moment the US$ is having a rally off the bottom and this effects the US pog.
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