Thursday, July 21, 2011

Economy Report for July 21,2011 - Paul Buzby of Rare Coin Wholesalers

Oil tops $100 for first time since early June
Summer oil spike, should go down end of August (dollar up, gold down).

Hope for a European debt deal lifts markets
Fear pushing people to gold should be over after this is settled (dollar up, gold down).

Draft deal for Greece includes fund overhaul
Fear pushing people to gold should be over after this is settled (dollar up, gold down).

Leading indicators rise, signal slow growth
U.S. private sector (70% U.S. GDP) showing more signs of recovering (dollar up, gold down).

Philadelphia Fed manufacturing index rebounds
U.S. private sector (70% U.S. GDP) showing more signs of recovering (dollar up, gold down).

More people sought unemployment benefits last week
Public employees, who have been shielded from the recession for last 3 years, are being laid off in droves at the Federal, state, county and city level, more foreclosures to follow.

Progress scarce as debt limit impasse continues
Spin article trying to kill cut, cap and balance in favor of two incomplete plans that increase spending.

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