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Are the US Consumers Ready to Go Shopping Again?

Economics / US Economy May 27, 2009 - 05:17 AM GMT

By: Mark_OByrne

Economics

The recent Consumer Confidence survey conducted in the US revealed a surprising increase in consumer confidence for the month of May. In marked contrast to the previous few months, May's figure was the highest it has been since September 2008. However, while better than at the start of the year, the figure remains at historically depressed levels. Furthermore, US house prices have dropped over 18% in March from the same period last year.


The Dow Jones jumped 2% after the Consumer Confidence news and the dollar gained some strength. In contrast, both oil and gold stagnated slightly with gold ending the day pretty much where it started at $947 and oil at $61. Gold did test $959 yesterday and this is now seen as the next level of resistance.

However, with North Korea threatening to attack South Korea, Ali Naimi, the Saudi Arabian oil minister saying that increased consumption by China would push oil prices higher, (historically, oil and gold have a positive correlation,) and the negative data from the US will ensure that gold stays on the radar of investors.

By Bullion Services Team

Gold Investments
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Gold and Silver Investments Limited hope to inform our clientele of important financial and economic developments and thus help our clientele and prospective clientele understand our rapidly changing global economy and the implications for their livelihoods and wealth.
We focus on the medium and long term global macroeconomic trends and how they pertain to the precious metal markets and our clienteles savings, investments and livelihoods. We emphasise prudence, safety and security as they are of paramount importance in the preservation of wealth.

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Disclaimer: The information in this document has been obtained from sources, which we believe to be reliable. We cannot guarantee its accuracy or completeness. It does not constitute a solicitation for the purchase or sale of any investment. Any person acting on the information contained in this document does so at their own risk. Recommendations in this document may not be suitable for all investors. Individual circumstances should be considered before a decision to invest is taken. Investors should note the following: The value of investments may fall or rise against investors' interests. Income levels from investments may fluctuate. Changes in exchange rates may have an adverse effect on the value of, or income from, investments denominated in foreign currencies. Past experience is not necessarily a guide to future performance.

All the opinions expressed herein are solely those of Gold & Silver Investments Limited and not those of the Perth Mint. They do not reflect the views of the Perth Mint and the Perth Mint accepts no legal liability or responsibility for any claims made or opinions expressed herein.

Mark O'Byrne Archive

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