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And Scene: Q2 GDP 1.3%, Gold Surging On Imminent QE3 Resumption
A simply unprecedented miss in Q2 GDP well below the consensus range, with the official number printing at 1.3%, giving it upside room for revisions in case QE3 does not pass, although at this point it is more than obvious that this number is goalseeked to give Bernanke the carte blanche to start more easing any second. This number follows an epic revision to prior data, with Q1 plunging from 1.9% to 0.4%. The GDP internals were simply appalling: Personal Consumption tumbled from 2.1% to 0.1%, on expectations of 0.8%! The US consumer is dead despite not paying mortgage payments. Lastly, US PCE Core printed at 2.1% on expectations of 2.3%. As we have been expecting since December, the US is on the verge of a triple dip recession within the bigger depression. With a deadlocked Congress, the Fed has no option but to do another monetary stimulus as seen by the surge of gold to near record highs on the data in the $1.625 range and the implosion in the USDCHF to fresh all time lows.
Revised Q4 2010 thorugh Q2 2011:
Gold reaction:
and USDCHF:
»
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Tyler, you screwed up the link to the second image for the previous revisions, then removed it. I think you meant this chart here:
http://www.zerohedge.com/sites/default/files/images/user5/imageroot/imag...
imagine how bad the real number must be.
Can't believe the debt ceiling not resolved so far. Dammit raise the ceiling and think about cuts later - US cannot think properly about cuts with a knife at the throat.
Ya, right! Keep fiddlin baby.
You are being sarcastic, right? Add more debt to a debt problem. That is sarcasm, isn't it? Please say you're just joking. Only a simple idiot would suggest such a thing, like we have to spend more to get out of debt. That's Biden talk.
If you think we're in for more fake money, inflation, and zero interest rates in the next 6 months, YOU MUST BUY THE DIP.
I'm always laughing at you ES traders that assoiciate bad news for the U.S. economy with "sell ES". You must buy the dip.
The truth is, Noam Chomskey is playing Rocky on the speed bag with Chavez's balls. you must buy the dip.
And unless you invent the hierarchy, UG, or generative grammar, it's safe to say you are dumber than him. Buy the dip.
$8 i surging? wow! it thsi a pump and dump site? thought this website was about telling truth.
Gold passes 1633. Obviously a ZeroHedge pump and dump. Only ZH can take gold past its record high, right?
You're a fucking tool.
Mr. Chairman?
Yes Timmy
Is the water warm enough?
Yes Timmy
So bitchez, now you see that the economy IS SLOWING DOWN AGAIN. Doesn't it show that stimulus WORKED?
A Stimulus for the Rest of us!
Dammit!
Will there be another dip when they rush the ceiling raise? I guess if it happens during the weekend I won't be able to buy it anyways...
tyler, why is it that you feel gold is going up on the expectations of qe3 now RATHER than going up on expectations of an impending economic implosion/breakdown.
I'm so bitter about those SPY JUL11 puts I owned. Next time I reload it will be in gold and silver.
That's gonna leave a mark!
$1633 on the chart below. I'm still looking for a $50 one day move sometime soon:
http://www.forexpros.com/commodities/gold-advanced-chart
Change you can believe in...
Doubling of exports over 5 years ($4 a gallon gas)
Stabilizing the banking system ($5T dollars)
All fiscal stimulus ($3T)
US being downgrade from AAA to BB: Priceless.
There are somethings money can't buy. For everything else there is GOLD
No QE3
No bailouts
No bonuses
No raising of the debt ceiling
No martial law
No TBTF
Dbbl post
WOW Bernanke and crew throw 600 billion into the economy and GDP wnt from 2.4 to a Negative(when revised guesstimate) -1.0!
And they want to do more (QE3 ?????)
Fisher was Right !!!!! Long live his Ideas !!
http://www.bloomberg.com/news/2011-07-28/goldcorp-ceo-sees-gold-price-at...
Gold could top US$2,500 an ounce and might even hit US$5,000, says Citigrouphttp://www.proactiveinvestors.co.uk/companies/news/31307/gold-could-top-...
I guess some people are starting to wake up about gold. The meme took 10 years but it is now going strong. Phase 2 on this cycle has begun. I expect a $100 up day will be the real spark.
Baby boomers worry about finances, health costs
"WASHINGTON (AP) - The "golden years" may lose some luster for many baby boomers worried about the financial pressures that come with age.
Many of the nation's 77 million boomers are worried about being able to pay their medical bills as they get older, a new poll finds. The concern is so deep that it outpaces worries about facing a major illness or disease, dying, or losing the ability to do favorite activities.
Another major concern among the boomers: losing their financial independence.
The struggling economy, a longer life expectancy, ever-increasing health care costs and challenges facing Social Security are putting added pressure on the boomers, those born between 1946 and 1964."
http://money.msn.com/retirement-plan/news.aspx?feed=AP&date=20110729&id=...
And guess who gets paid first if there is no debt ceiling resolution?
U.S. Contingency Plan Gives Bondholders Priority
By Peter Cook
http://www.bloomberg.com/news/2011-07-28...
GL!
YOU MUST BUY THE DIP.
Someone is buying the dip, and they've got more money than you.
As John Williams of Shadow Stats points out, massively understating inflation by the jerry-rigged CPI overstates GDP. Williams estimates by 2%... I think his analysis is correct...
So, Q1 2011: +0.4% => Williams Correction: -1.6%
Q2 2011: +1.3% => Williams Correction: -0.7%
To the ZH reader...
Anecdotally, what seems economically more accurate to you?
[ ] BEA -- Bureau of Economic Analysis +1.3%
[ ] Williams -- Shadow Stats -0.7%
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