U.S. retail sales dropped o.3 percent in September with the exception of auto sales. Year to year data shows sustained stagnation in retail sales pointing to a recession that even Washington can’t deny. But they probably will anyway.
According to global banking giant HSBC, global trade is down 8.4 percent through September and global GDP is down 3.4 percent.
Goldman Sachs is warning that we are in the third wave of a global financial crisis. Goldman said, “Increased uncertainty about the fallout from weaker emerging market economies, lower commodity prices and potentially higher U.S. interest rates are raising fresh concerns about the sustainability of asset price rises.”
“The emerging market wave, coinciding with the collapse in commodity prices, follows the U.S. stage, which marked the fallout from the housing crash, and the European stage, when the U.S. crisis spread to the continent’s sovereign debt.”
China’s banking system is teetering on collapse and their only hope is that the U.S. banking system falls first. Of course China’s trump card is its physical gold holdings.
We can’t know the day or the hour but we can prepare for inevitable corrections that are beginning to show themselves. Current global market tremors are only beginning signs of what is to come. Global debt has guaranteed it.
It’s time to protect our wealth with physical assets like gold and silver following central bank strategy. Even they have no faith in their paper asset circus.
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