.
|
|||
Strong employment numbers aren't good newsPeter Schiff The over-bloated service sector
added another 207,000 jobs, with construction, no doubt mostly
residential, adding 30,000. The beleaguered manufacturing sector
did manage to add 20,000 jobs for a change, though half of that
gain resulted from temporarily laid off auto workers returning
to their job. In other words, the wealth producing sector of
the economy added few workers, while the wealth consuming sector
provided over 80% of new jobs. While this reality may have been lost among U.S. investors, who reacted foolishly by buying stocks, it was not the case among currency traders, who despite their initial, almost reflexive action to buy dollars on apparent "good" economic news, quickly re-evaluated the data and sold, sending the buck sharply lower against all the world's major currencies, and to a new twenty-three year low against the New Zealand dollar. Is this simply a case of buying the rumor and selling the fact, or is it an actual epiphany on the part of currency traders with respect to their understanding of the true nature of the fundamentally flawed American economy? If it is indeed the latter, our bubble economy may have finally found its pin. March 4, 2005 In addition, as the dollar's value is likely to sink far faster than those of other fiat currencies, investors can learn strategies to protect wealth and preserve purchasing power by downloading my free research report on the coming collapse of the U.S. dollar at www.researchreportone.com and subscribing to my free, on-line investment newsletter at http://www.europac.net/newsletter/newsletter.asp. Peter Schiff Mr. Schiff is one of
the few non-biased investment advisors (not committed solely to
the short side of the market) to have correctly called the current
bear market before it began and to have positioned his clients
accordingly. As a result of his accurate forecasts on the U.S.
stock market, commodities, gold and the dollar, he is becoming
increasingly more renowned. He has been quoted in many of the
nation's leading newspapers, including The Wall Street Journal,
Barron's, Investor's Business Daily, The Financial Times, The
New York Times, The Los Angeles Times, The Washington Post, The
Chicago Tribune, The Dallas Morning News, The Miami Herald, The
San Francisco Chronicle, The Atlanta Journal-Constitution, The
Arizona Republic, The Philadelphia Inquirer, and the Christian
Science Monitor, and has appeared on CNBC, CNNfn., and Bloomberg.
In addition, his views are frequently quoted locally in the Orange
County Register.
321gold Inc |