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  • Jim Rogers In The News...

    In This Issue..

    * Currency rally overnight...
    * U.S. Retail Sales drop -1.2%!
    * The Chinese respond to Geithner...
    * History to repeat?...

    Good day... And a Marvelous Monday to you! WOW! What a great weekend enjoyed by yours truly... Lots of friends, to share good times with! The weather tried to ruin everything, but we didn't let it! I'll begin this week's Pfennigs with a little story that happened this morning...

    I arrived in the parking garage across the street from our building, not exactly the best situation for someone that's partially crippled and has a blood clot in their leg, but that's a story for another day. I got out of my car, and said, 'Hmmm... Wouldn't it be nice to see the euro trading with a 1.22 handle this morning?' Then said, 'Nah, it didn't look too good on Friday.'......
  • RBA raises interest rates...

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  • Bailout Package For Greece Put On Hold...

    In This Issue..

    * Euro rally fades on latest Greek development...
    * Brazilian real rallies...
    * Canadian loonie ratchets higher...
    * Another Geithner smoking gun?

    Good day... And a Tub Thumpin' Thursday to you! It's Tub Thumpin' because... I say so! Every day's a new day... And for someone like me that had two strikes called on me before I knew the pitch was even coming... Every day is special!

    I want to thank every one that sent along a note of good wishes, and advice to tell the people that decide that email is a good way to ruin someone's day, good riddance... I'll have more on this in the Big Finish...

    But what a day the currencies had yesterday! The euro gained ground all the way back to 1.3730 (but saw some profit taking at the end of the day) and all the other currencies followed in step... Now... There's two ways to look at this... Either the euro is like a star that's getting ready to burn out... (it always shines brightest before it burns out), or... It's like a star that had been covered up by another planet, and is coming back into view!...
  • A Jobs Jamboree for Friday 01/08/2010...

    In This Issue..

    * The dollar holds gains...
    * Japanese saber rattling...
    * Geithner in trouble?
    * Commercial Real Estate in trouble...

    Good day... And a Happy Friday to one and all! The first Friday of 2010! So, let's call it a Fabulous Friday, and save the Fantastico for a day when we'll see the temperature at least reach the freezing mark! Our 'snow day' is over, everyone was safe...

    You see, and I hope you don't mind me taking this trip in the past, many years ago, I spend a winter of discontent, I might add, in Des Moines, Iowa... Where it began snowing in November and didn't stop until the first week of May... When I first moved there, I noticed that their street crews didn't plow the roads, and salt them like they did in St. Louis, they just threw cinders on the snow and people drove on it. That's where I really learned to drive on snow... As the years went by, back in St. Louis, dealing with snow, I realized that the way they did it in Des Moines was better!...
  • It's Not My Fault!

    In This Issue..

    * Currencies mount a mini-rally...
    * Let's blame someone else...
    * Eurozone manufacturing rises...
    * Brazil tries something new...

    Good day... And a Marvelous first Monday of 2010 to you! It's very cold here, much like most of the country, and there's no forecast that has our temperature even reaching the freezing mark this week... So... It's hunker down, stoke up the fire, and find a good book to read weather!

    The Chill that has settled down on us here in the Midwest, has tried to settle in on the currencies going into the end of the year... But... Here we are, it's 2010, a new year, and new ideas for the currencies... We'll have to wait-n-see what comes out this week and next, for there will be plenty of pundits, analysts, writers, and so on, that come out with their forecasts for 2010... Me? The song remains the same folks... Fundamentally speaking, there's only one direction the dollar should go... But, then, we need to get to fundamentals again, eh?...
  • Risk Aversion Creeps Back Into The Currencies...

    In This Issue..

    * Comments spook currency traders...
    * A$ hits 15-month high, this time going up!
    * Geithner as the "joker"?
    * China changes statement about the renminbi...

    Good day... And a Tub Thumpin' Thursday to you! It's a Thursday, and it's not raining here! YAHOO! After a week of Indian Summer weather, we're slowly creeping back to the colder weather, but still, better than most Novembers of the past, so far!

    That was a strange feeling yesterday, having a holiday in the middle of the week, but the day was nice, and I got to spend the day with my granddaughter, Delaney Grace, who sang me songs all day long!

    So... Last night, I'm doing some writing, and before I put the laptop to bed for the night, I checked the currencies, and while they had drifted in the early Asian session, the Big Dog, euro was still trading above 1.50, and the Aussie dollar (A$) had set a 15 month high of .9368... But when I turned the currency screens on this morning after arriving to a pitch black office, which is the way I like it this early in the morning, the euro had given back about 1/2 cent, and so had the A$... So, it was my mission to find out what caused this slippage......
  • 3rd QTR GDP Is Strong!

    In This Issue..

    * Dollar gets sold after GDP report
    * High yielders get bought!
    * German Retail Sales decline...
    * Real has wild swings!

    Good day... And a Happy Friday to one and all! I can't believe how hard it rained here yesterday... Unbelievable! And me, with my cane, and not able to run, was stuck in it going from the car... Absolutely soaked! If I were a kid, I would have thought that to be fun! But, I'm not... It's still raining this morning too! UGH! Let's hope it stops in time for the Trick-or-Treaters!

    OK... Well the rain fell on the dollar's parade yesterday too! And, just like I thought it would do... The dollar got sold like funnel cakes at a state fair, once the U.S. 3rd QTR GDP report printed... The dollar rally was stopped in its tracks, which meant that the "trading theme" that rewards the dollar when things look bad in the U.S. and punishes it when things look good, which is completely opposite of what it should do fundamental wise, was still in place!...
  • Gold Soars To Another All-Time High!

    In This Issue..

    * $1,055 for Gold!
    * Global recovery prospects fuel run on the dollar...
    * Trichet to defend the dollar today?
    * Central Banks are diversifying...

    Good day... And a Thunderin' Thursday to you! It's raining here in St. Louis, so, it must be Thursday! It's a big night for yours truly, but I'll talk about that at the end... We've got some big moves going on in the currencies and metals, so we had better get to it, and save the chit-chat for later, eh? But first, today is the funding deadline on our latest BRIC MarketSafe CD... We'll have one more in November and then that's it!

    OK, front and center this morning, Gold has soared to another all-time high! When I turned on the screen this morning, Gold was flashing a great big $1,055 figure... WOW! But wait! OK, now that sounded like an infomercial... But wait! If you act now, you can get double the Ginsu knives! HA! OK, getting back to the original, but wait... Gold and Silver for that matter, aren't the only risk assets moving higher this morning... All 16 of the countries that are deemed to be the biggest U.S. trading partners, have currencies that are taking liberties VS the dollar this morning......
  • Time To Remove Stimulus?

    In This Issue..

    * Chinese stocks rise 5%!
    * Risk Assets follow!
    * OECD forecasts faster global growth...
    * Gold & Silver kicking sand again!

    Good day... And a Tub Thumpin' Thursday to you! Let's hope it remains a Tub Thumpin' Thursday later today, as I head downtown to watch my beloved Cardinals play a day game! For those of you who are baseball fans, you know what I mean when I carry on about how baseball should only be played during the day!

    OK... Before I get to the currencies, economies and the dolts in the world, I wanted to briefly talk about the SEC, who made an announcement yesterday that they had done an investigation of the Madoff audits, and did not find any fraud... Just mistakes... Really? Mistakes? That's what they call them? Even Bernie Madoff himself says that he was "astonished" that the SEC failed to shut him down after interviewing him in 2006!

    ...
  • Good news for housing is bad news for the dollar...

    In This Issue..

    * Home sales increase most in eight years...
    * Euro boosted by confidence...
    * Geitner sells the Chinese...
    * Carry trades back in vogue...

    The dollar lost more ground on Monday, but the reasons were different than those that caused last week's slow decline. Currency traders sold the dollar after a report showed sales of new homes rose the most in eight years. New-home sales in the US climbed 11% last month to a 384,000 annual pace. This was substantially higher than economists had forecast, and the most since November. The report also showed the number of houses on the market dropped to the lowest level in more than a decade. The housing numbers seem to confirm that the housing market may be approaching a bottom, but housing prices continue to fall, and more data is needed before I'm convinced the worst is over. Many of these homes have been sold to first time homebuyers taking advantage of government programs; and if unemployment continues to climb, housing sales are not likely to rise quickly....
  • A Sustainable Economic Recovery?

    In This Issue..

    * More range trading...
    * Eurozone doesn't need more stimulus...
    * A$'s outperform on rate outlook...
    * A double whammy for the dollar...

    Good day... And a Happy Friday to one and all! The end of another week... I was out on Monday, and it still seems to have been another long week! UGH! Oh well... It's Friday, and this weekend is Father's Day... So, we've got that going for us, eh?

    More range trading in the currencies yesterday, with the euro leading the currencies higher for most of the day, only to see their gains slip, sliding away by the late afternoon. In the overnight markets, the currencies, once again, have moved higher, but nothing to get all lathered up about......
  • Happy Friday, Here We Go Again!

    In This Issue..

    * Currency rally gets wiped out...
    * Geithner to talk about a strong dollar?
    * Brazil cuts rates!
    * The Fed to control everything? YIKES!

    Good day... And a Happy Friday to one and all! Another seemingly long week for yours truly... Where's a 3-day Holiday weekend when you need one? Have you been following the goings on with the investigation into the Bank of America (BOA) purchase of Merrill Lynch? Whoa, there partner! I thought for sure this would get all swept under the rug, but it's all coming out, every dirty deed! Dirty deeds done dirt cheap!

    Before we get into the goings on there... Let's talk about the currencies and their huge jump yesterday, only to see chicken traders come out of the woodwork overnight to support the dollar going into the G-8 meeting....
  • Magical Currency Tours!

    In This Issue..

    * Currencies get whacked by Geithner!
    * Big Ben wants the budget deficit cut!
    * BOE and ECB meetings today...
    * I told you this was going to get ugly...

    Good day... And a Tub Thumpin' Thursday to you! Yes... Tub Thumpin' because I said so! Yesterday was absolutely a 10 on the crazy meter, and We the People, just continue to sit and take whatever the Government and media tell us is 'best for us in these uncommon times'... I've got some interesting words on this later in the letter... It's time for me to get on my soap box once again, so... At least I've prepared you! But first... Some currency news!

    Well... Yesterday, I left you with the thought that the currencies were selling off, after the Asian Central Banks all made statements regarding their support of the dollar as the world's reserve currency... Here are some further thoughts on that......
  • A Dollar Roadblock!

    In This Issue..

    * Euro goes back and forth over 1.42...
    * Geithner make another promise to China...
    * RBA leaves rates unchanged...
    * The Mogambo on a Tuesday!

    Good day... And a Terrific Tuesday to you! Well... The currencies, led by the euro, ran into a dollar road block yesterday, not once, not twice, but three times... The first two times the euro traded over the 1.42 figure, it fell back, but recovered to again try to remain over 1.42... It was a classic case of profit taking at a line of resistance... But the third time, was no charm for the euro, and thus it ended the day and night sessions below 1.42... But hey! Has this run from 1.2578 on March 1st, been something or what?

    I see where UBS believes this is it for the euro... Sort of like the thought that a star burns the brightest right before it burns out... Hmmm... I guess they believe that the U.S. deficit problems are going to go away... Apparently, they drank the kool-aid from U.S. Treasury Sec. Geithner, who told the Chinese that the U.S. was going to shrink the deficit... He also told them that their assets were 'safe'... Ty sent me something on this that he found yesterday......
  • The Currency Rally Continues!

    In This Issue..

    * Euro trades past 1.42...
    * Geithner make a promise to China...
    * Central Bank meetings this week...
    * Canada's Fin Min, speaks...

    Good day... And a Marvelous Monday to you! And welcome to June... Tradition in the Pfennig means a quick rendition of: June is bustin' out all over... All over the meadow and the hill! Buds're bustin' outta bushes... And the rompin' river pushes... Ev'ry little wheel that wheels beside the mill! And you thought I was a just an old Rock-n-roller!

    Well, on Friday I left you with the story of a currency rally for the ages... And it didn't let up there! Although the rest of the day on Friday the bias was to sell dollars, the real chunk of the dollar wasn't taken until last night in Asia... Here's the deal folks, and this won't be the first time you've heard this from me either!...