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John Williams continues:


“December readings on real (inflation-adjusted) retail sales, production and housing all showed patterns of slowing growth or contractions, either month-to-month or year-to-year, with levels below pre-recession highs.  Further, as regularly discussed, underlying consumer liquidity conditions remain so constrained as to prevent any usual or sustainable growth in the broad economy in the near-term...

Alternate Consumer Inflation Measures: 

Adjusted to pre-Clinton (1990) methodology, annual CPI inflation was roughly 6.3% in December 2011, versus 6.7% in November 2011, but up from 4.8% in December 2010.  The SGS-Alternate Consumer Inflation Measure, which reverses gimmicked changes to official CPI reporting methodologies back to 1980, eased to about 10.6% (10.57% for those using the extra digit) in December 2011, from about 11.0% in November 2011, and up from 8.9% in December 2010.  Annual average inflation here was 10.7% in 2011 versus 8.9% in 2010.

...Despite the September 5, 2011 historic-high gold price of $1,895.00 per troy ounce, and despite the multi-decade-high silver price of $48.70 per troy ounce, gold and silver prices have yet to re-hit their 1980 historic levels, adjusted for inflation.  The earlier all-time high of $850.00, would be $2,466 per troy ounce, based on December 2011 CPI-U-adjusted dollars, $8,783 per troy ounce based on SGS-Alternate-CPI-adjusted dollars. 

In like manner, the all-time high price for silver in January 1980 of $49.45 per troy ounce still has not been hit since 1980, including in terms of inflation-adjusted dollars.  Based on December 2011 CPI-U inflation, the 1980 silver price peak would be $144 per troy ounce and would be $511 per troy ounce in terms of SGS-Alternate-CPI-adjusted dollars.

...The general outlooks on the economy, inflation, financial markets and systemic stability remain unaltered.  Risks remain strong for a near-term break or sell-off in the U.S. dollar.”


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Eric King

KingWorldNews.com

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