Dow 12,657.20 -62.29
Nasdaq 2,859.81 -12.85
SP500 1,343.80 -9.42
10-YrBond 3.02% -0.13
GLD 150.25 +1.10
SLV 35.75 +0.25
PTM 20.24 -0.17
XLE 76.89 -0.65
XLF 15.46 -0.20
VXX 20.35 +0.24
Lousy jobs report with government claiming unemployment at 9.2%. John Williams of ShadowStats.com says the real unemployment is 22.7%. The excuse of the March tsunami in Japan is wearing thin.
Both gold and silver had nice gains this week. Gold closed at 1542 and silver closed at 36.5. Gold broke above resistance of 1530. Watching 1550 next week.
Barron's had a guest commentary by Daniel Griswold "Beneficiaries of Trade: You and Me". Mr. Griswold cited statistics without mentioning how GDP is pushed higher by deficit spending (partly on war that provides nothing back home). He apparently assumes foreigners will always want to exchange the dollars they receive for US Treasury debt. Current trends show foreigners are quickly diversifying from US Treasury debt to gold and silver. If foreigners don't but the debt, the Federal Reserve will have to increase purchases to keep interest rates manageable. The current deficits and import/export balance is unsustainable at current interest rates.
VRNT 37.92 +0.48. 52 week range 19.63 - 38.10.
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