Consumer sentiment rose in June to its highest since January 2008 while reports of job losses were down sharply from a year ago, a survey showed on Friday.
A gauge of current economic conditions also rose to its highest since January 2008, according to the Thomson Reuters/University of Michigan's Surveys of Consumers.
Be wary of positive news from "soft" (survey & sentiment) indicators. This is the third counter trend rally since the secular down trend started in 2000. Once the bounce is over, it will setup the next decline in confidence and rally in gold. The counter trend rally since 2009 is similar to the setup of 1975-1976.
University of Michigan Consumer Expectations (CE) and Gold: A Correlation Study:
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