Thanks for the monthly analysis, Eric. I have a few questions.

Quote Originally Posted by erichodges View Post
Gold has moved lower after its huge recent upside push.

Reminder: fiat currencies are not tied to anything of tangible value. They are only worth whatever the market, and the public, feels they are worth. As more fiat money is created the value of this paper money should go down. In my opinion, the U.S. is creating too much money and so are China, Japan, and Europe.
Do China, Japan and Europe publish money aggregates data? I would love to know what their MZM growth is vs. the dollar. Do you have that info?

Quote Originally Posted by erichodges View Post

Dollar | Currencies
Long-term I’m still negative on the Dollar. The real story is the Dollar as measured against gold and oil etc., where the Dollar has lost a huge amount of value and may lose much more. I am watching the Yen for signs of the “carry trade unwind.”
What would these signs be- rising BOJ rates? Aren't the declining dollar and low Fed rates unwinding the carry trade already? Does the Euro play into this equation?

Quote Originally Posted by erichodges View Post
The Consumer
I believe that many consumers have less home equity now than before because they have taken money out of their homes and spent those funds. Consumer savings rates are very low or negative. I believe that consumers are being gradually squeezed by high oil prices on one side and rising interest rates on another.
What interest rates are you referring to? Mortgages are down YOY, still at historically low levels, credit cards are staying relatively flat, car loans down slightly, HELOCs dropped 3% thanks to the Fed.... Tighter lending standards, I would agree are squeezing some, but how are consumers getting squeezed by rates?