caseyresearch.com / By Chuck Butler / January 22, 2013
In This Issue.
* German ZEW soars.
* Oil & Gold head higher.
* Global growth gets a boost!
* Yen weakness continues.
And, Now, Today’s Pfennig For Your Thoughts!
BOJ To Expand Monetary Stimulus.
Good day. And a Tom Terrific Tuesday to you! Well. It’s been a tough weekend emotionally wise for your Pfennig editor. I arrived back in town on Saturday to hear about the passing of my dad’s favorite baseball player, Stan the Man Musial. This news shook me as if Stan Musial was a member if my family. I don’t know that I can ever put into words that would describe the loss that not only myself but all of Cardinal Nation feels. On the statue of Stan the sits outside Busch Stadium these words are inscribed: Here stands baseball’s perfect warrior; here stands baseball’s perfect knight. No one that ever met The Man, ever said anything bad about him. I doubt there are many people alive that can lay claim to that. I have a bit of stats on Stan in the Big Finish. But I won’t spend all day on this, so . here we go.
Well. my sabbatical in the warm sun of S. Florida was just what the doctored ordered, although it wasn’t all rest and relaxation. But I kept track of what was going on in the markets through the Pfennig (Thanks Chris & Mike!) and my trusty iPad. Even still, I was somewhat surprised to see the lofty price of Oil this morning ($95+). And. of Gold ($1,692). Seems the story that I sent Chris last week about Germany’s Bundesbank looking to retrieve their Gold held at the Bank of France and at the Bank of NY has really stirred up a hornet’s nest in the markets. The fear and suspicion going around right now is really elevated. And for once, all this fear hasn’t driven investors to dollars and Treasuries!
The euro is stronger this morning by a tad on the news that German Investor Confidence, as measured by the think tank ZEW, increased to the highest level in 2 ½ – years, this month. In Germany, the Eurozone’s largest economy, the markets use this report issued by ZEW, in an effort to predict what the economy might look like in 6 months from now. Get this. the index number soared from 6.9 in December to 31.5 this month! WOW! Does this mean the recovery in the Germany economy is here? Well, no. But it does give the Germans hope that a recovery could be coming! See, what happens when all the negativity is stuffed away in the closet?
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