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Euro Pacific Weekly Digest | Economic Reality Bites
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Welcome to the June 04, 2012 edition of
the Euro Pacific Weekly Digest.
Below you will find an email summary of all original content released by Euro Pacific. Our Investment Consultants are standing by at 888-216-9779 to answer any questions you may have. |
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Peter Schiff's Economic Commentary
Economic Reality Bites
By: Peter Schiff | June 1, 2012
Many people became convinced that data releases earlier this year indicated that "recovery" in the U.S. was imminent. But as I have been saying for months, this evidence would ultimately be shown to be as reliable as sightings of Bigfoot. Lots of people claim to say they have seen it, some even produce plaster footprints, but in the end all we have is a guy in an ape suit. The economic recovery, that has been discussed so loudly and often in recent months, will be shown to be similarly mythical.
A torrent of recent economic data now reveals weakness, and investors are beginning to take notice. Today's release of the May jobs report showed a paltry 69,000 jobs created during the month, far below consensus estimates. Not only did the current month disappoint, but the June numbers were also revised down by 49,000. This release follows yesterday's downward revisions of first quarter GDP growth from 2.2% to 1.9%. Also lost in the headlines was that the savings rate dropped to 3.4% in April, the lowest rate since December 2007. This shows that Americans may need to deplete their already meager savings just to keep their heads above water as the U.S. economy sinks back into recession. Read More >>
Global Market Wrap-Up
June 1, 2012 - U.S. stocks finished with sharp losses to start off the month of June as global purchasing manager indexes combined with a poor U.S. employment report led to significant selling. The S&P 500 fell 2.5% and NASDAQ 2.8%. U.S. Treasuries continued to see a strong bid as investors fled 'risk'... Read More >>
May 31, 2012 - U.S. stocks finished a poor month of May with a very volatile session as poor economic data was offset by rumors of an IMF "rescue" of Spain. Indexes finished well off the lows of the day with a loss of 0.2% in the S&P 500 and 0.4% in the NASDAQ. The S&P 500 fell 6.3% in May, its worst ...Read More >>
May 30, 2012 - U.S. stocks dropped anew Wednesday, giving back Tuesday's gains as worries about Europe resurfaced. The S&P 500 fell 1.4% and NASDAQ 1.2%. The rate on U.S. Treasuries dropped to 1.62%, a steep drop from 1.74% Tuesday....Read More >>
May 29, 2012 - U.S. stocks finished with sharp gains as hopes for a new round of Chinese stimulus and political polls in Greece overcame less than impressive economic data. The S&P 500 gained 1.1% and NASDAQ 1.2%...Read More >>
Retro Wrap-Up
We look back in history to see what was happening in the markets.
June 4, 2010 - A disappointing jobs report along with more troubles in Europe - this time an out of the blue shockwave from Hungary - sent U.S. stocks spinning Friday. While the headline number read 431,000 job gains in the month of April (expectation was 513,000), 410,000 of those were temporary census...Read More >>
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This publication is for informational purposes only. The statements and statistics contained herein are based on material believed to be reliable, but are not guaranteed to be accurate or complete. It is not an offer or solicitation with respect to the purchase and sale of any security, investment fund, or other product and does not provide individual financial, legal, tax or investment guidance. Please consult your own legal, tax and investment advisor. Euro Pacific Canada is not liable for any errors or omissions in the information or for any loss or damage suffered in connection with its use. The information contained in this report represents the view of the Euro Pacific Canada Inc. and was developed from sources we believe to be reliable. We do not represent that such information is accurate or complete and it should not be relied on as such. Any opinions expressed herein reflect our judgment at this date and are subject to change. Euro Pacific Canada Inc. and/or employees from time to time may hold shares, options or warrants on any issue included in this publication and may buy or sell such securities. This publication is not to be construed as an offer to sell or solicitation to buy securities.
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