Good morning,
Winter is quickly approaching as the morning dew turns to frost while the days progressively get shorter. The trees are almost bare of their leaves and there is a still in the air as the birds migrate south for another winter. Nature is incredible as their DNA is pre-programmed to make the journey south and create more offspring. When arriving they probably will destroy the inserts of polyurethane in some poor souls ease trough, like they did mine. Now I have to hire someone to fix the issue before water floods my basement.
You can’t fight fate and speaking about fighting, it is that special time of the year when Americans celebrate a bountiful harvest and shop until they drop or drop someone as people get nasty. Thanksgiving weekend kicks off and football games, the new religion, play throughout. This is a time to gauge how well the people are doing, measured by the money they spend. A prelude to Christmas and hope that the Santa Claus Rally in the stock market comes early so that debts accumulated can be paid off. America is a consumer society, it’s all about, out with the old and in with the new. Thanksgiving is a time to commerate the first known settlers, Pilgrims, arriving in The New World. Life was harsh yet the people were grateful. But in actuality, the truth may be too difficult to accept.
History speaks differently, the truth may be too hard to swallow. To actually change history would cause hysteria within the education system in America. Just imagine the scenario as an example by teaching children that 2+2=4 and now trying to convince them the right answer is 5? The truth of the matter is that it was actually the Chinese that discovered America and settled. Brilliantly, described in the book, 1421 The Year China Discovered The World written by Gavin Menzies. Absolutely, astonishing research provides detailed evidence of their mathematical superiority traversing the world guided by the stars. They left markers along the coasts where in fact some stayed and were immersed with the people they encountered. The Chinese created Longitude and Latitude coordinates which have become a global benchmark for travel.
Meanwhile, the economic news is mixed ahead of the FOMC meeting.
- USA Durable Goods Orders 2.1% as expected
- US Markit Services PMI falls to 57(largest drop in 2 months)
- Manufacturing Index up to 59.1%
- Weekly Jobless Claims 199k expected (260k)
Markets are pricing in a Fed Interest rate hike presumably coming sooner than later, bolstering the USD Index toward the 97.0 level. The USD strength is putting pressure on all currencies. Any premature move could destroy momentum the economic recovery might be enjoying. Inflation is largely reflective of supply and demand, with a logger jam of ships trying to unload their goods. The logistical nightmare continues and the shelves could remain bare for Christmas. Americans’ appetite for imported goods has destroyed the Middle-class. People have been bribed by bargains while masking the greater profitability for Corporations. Initiated by Bill Clinton and the World Trade Organization, the inclusion of China is still considered a developing nation with special status. Consequently, all those ships return to where they came from with empty containers.
Meanwhile Canada, Black Friday events try to stem the tide of business slipping away. Due to Covid restrictions, the threat isn’t physically crossing the border, it is the online bargains that can’t stop the thrill of the experience. Even with a 30% premium and tariffs applied, in some cases, it can’t stop fate.
USD strength has seen a push back on Precious Metals as Gold slipped in recent days below the $1800/oz and Silver is below the $24/oz level. Meanwhile, as Oil recoups above the $78/barrel level the Canadian Dollar remains flat and sits below 0.79 cents for now. All I want for Christmas is an end to Government restrictions and Covid!
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