Must be depressing continually forecasting the end of the world as we know it. Fortunately nothing lasts forever and neither will the recession, the company I work for has just submitted a request to bring in qualified staff from overseas because of a shortage.
In the 1970's New York teatered on the edge of bankruptcy, but the world didn't end, nor will it this time but one thing I can accurately forecast, poverty for overexposed goldbugs.
China will not take over from the superpowers, totalitarian states have a habit of failing if you studied history at school.
SPDR Gold Trust total gold in trust down 5 tonnes in the last 3 days of last week. The goldbugs keep banging on about the gold shortage, but I haven't noticed, gold is stuck in a rut, $1200-$1300, but will break out downwards soon.
The naive goldbugs used to bang on endlessly about how they must be right because the central banks were buying gold, but anyone with an ounce of common sense knows that central banks make some terrible decisions, esp. when it comes to gold.
The central bank of Sri Lanka is licking its wounds after paying too much, like many of the world's central banks.
http://www.lankabusinessonline.com/n...all/1870873682