Because of the video greatness
And the lyrics.
Question one is whether QE3 is now more likely thanks to that jobs report. The market says...
... Petaquilla Minerals (PTQ.to), three year chart:
In other news, your author receives his brother at his humble abode today and will therefore most likely take the day off.
Holy crap, this rocks so much it hurts.
Tsunami Watch has been called. Here's the USGS data.
|Magnitude||7.9 (Preliminary magnitude — update expected within 15 minutes)|
|Depth||20 km (12.4 miles) set by location program|
|Region||OFF THE COAST OF COSTA RICA|
|Location Uncertainty||Error estimate not available|
|Parameters||NST= 38, Nph= 38, Dmin=148.1 km, Rmss=1.42 sec, Gp= 94°,|
M-type="moment" magnitude from initial P wave (tsuboi method) (Mi/Mwp), Version=1
Here's the USGS map
"For the remainder of 2012 and into 2013 and beyond, AuRico fully anticipates meeting its targets and creating long term value for our shareholders"
...went out to subscribers about 45 minutes ago, before the bell today. Just sayin'
WASHINGTON (CN) - The National Marine Fisheries Service has lifted trade restrictions on importing bigeye tuna from Bolivia and Georgia. The move implements a 2011 recommendation by the International Commission for the Conservation of Atlantic Tunas. ICCAT members had prohibited imports of Atlantic bigeye tuna and its products from Bolivia and Georgia since at least 2003 due to fishing practices that thwarted ICCAT conservation rules. The NMFS foresees no socioeconomic impacts on U.S. traders, because the two nations had not been importing of Atlantic bigeye tuna into the U.S. prior to the implementation of the prohibitions, and no attempt to import the tuna is expected.
Thanks due to reader 'JR' for the headsup and the yoks.
We see that inflation has dropped from above 6%, then climbed back to nearly 5% by late 2011, but this year has been tracking back towards the Central Bank target of 3% max (Peru uses an inflation targetting policy and the current band is set at between 1% and 3%, for what it's worth). That's a good thing of course and when it's combined with the type of growth numbers we've seen in Peru recently it implies more spending power to the average Peru pocket. So with relatively tame inflation and GDP growth, your humble scribe's thoughts immediately turned to the forex rate between the US Dollar (USD) and the Peruvian Nuevo Sol (PEN). Here's a five year chart ripped from Yahoo that shows...
...the underlying rate of inflation looks like it's being kept in check by cheaper imported goods in Nuevo Sol terms, because a stronger Sol means dollar-bought goods are cheaper for locals to buy. That's fine, but what we need to ensure now is that the Nuevo Sol keeps up its good work against the dollar because now Peruvians have developed a taste for those snazzy foreign goods and services, if the Sol puts in a significant drop against the dollar, dollar-priced imports (basically all of them) will get more expensive and drive up that inflation rate...and governments don't like higher inflation rates. But fear ye not, help is at hand thanks to the BCRP's policy of aggressive adding to the country's international currency reserve.
Peru's currency reserves have basically doubled since 2009 and now stand just a tiny tad under U$60Bn (that's $2k for every man women and child in Peru). What that means is the currency has increased backing from the world's reserve currency (and like it or not my shiny goldbug friends, the dollar is the way the world saves its money, period). Which means the Sol isn't going anywhere as long as the Peru GDP growth keeps clicking on. Which means the currency will remain strong relative to the dollar and hold back the spectre of imported inflation. Which just reminds me once again how much of a total dumbass Steve Saville looks when he tries and fails to talk about basic economic realities.
UPDATE: Oh looky looky, Reuters right on cue with a report today entitled "Peru's central bank offers to buy dollar as sol gains"
Also check out Tommy's drumroll intro over at his site, here. Which is fair enough, as it's a decent scoop getting Frank G on camera
...gold in Euros and in dollars, 12 months (courtesy of those very pleasant and wholesome lasses and lads at Kitco):
Near that all-time high for gold in Euro terms, just the August 2011 spike to beat now.