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I agree with Jerry, the timing for gold is not yet right.
> For some time now I have been a believer that deflation is a bigger worry
> than inflation. Right now we have consumer confidence running very high yet
> spending patterns appear weak. Auto sales the last reporting period were
> down 9.5%. Retail sales are also down. The asset backed securities sales by
> aggressive lenders has sustained the flow of credit to consumers already
> burdened with debt. Just recently one of these lenders, a subprime auto
> lender, declared bankruptcy leaving $500 million in asset backed securities
> outstanding.
>
> If that is the case, then the
> "classic blowoff" in gold may well not be a blowoff at all, but another down
> leg in price.
> Jerry
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