Second Friday Night Economic Bomb Sends Gold Surging To $1,566 As Ireland Slashes Outlook
And another economic fail, this time an attempt from Ireland to bury bad news on a royal wedding, later afternoon Friday:
- Ireland revises 2011 GDP growth to +0.8% from +1.7%; 2012 to +2.5% from 3.2%
- Irish govt revises 2013 deficit forecast to 7.2% from 5.8%; 2012 to 4.7% from 2.8%.
- Ireland revises 2011 debt/GDP forecast to 111% from 98.6%; 2012 to 116% from 102%
Which only means more stimulus. And since fiscal is out of the question (austerity remember, duh) it means monetary. Which means gold surges to $1,566.
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