With all of the craziness that has been happening around the world lately, it appears that this ticking time bomb is now 73% higher than it was in 2008!
By Peter Boockvar, author of the Boock Report
April 9 (King World News) – Here is what Peter Boockvar wrote as the world awaits the next round of monetary madness: Reflecting the slowdown in consumer spending we’ve seen so far this year (real spending is down), late Friday we saw consumer credit data for February. Revolving credit outstanding, mostly credit cards, was up just $100mm m/o/m, the slowest pace of gain since we saw an outright decline in November 2013….
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Boockvar continues: The January take was the lowest since last April. This came after a big rise in credit card debt outstanding in Q4 as the savings rate fell to a 10 year low. Call it a bit of a hangover. There was also a moderation in nonrevolving credit outstanding which increasingly includes student debt.
Consumers though still added another $10.4b in debt in this category vs $14.1 in January and is 73% above the 2008 peak.
…Bottom line to the data we’ve seen this month so far in many different places, the Citi Global Surprise index went negative on Friday for the 1st time since August 2017 (see chart below).
Citi Global Surprise Index Just Went Negative
The Bottom Line
King World News note: The bottom line is that the Fed remains trapped. That’s why they are raising rates quickly so they will be able to lower them as the economy and stock markets both roll over. The gold market is anticipating this and that is why we have started the next leg higher after the mid-cycle correction bottomed at $1,050 at the end of 2015. As the price of gold surges above $1,400, that is when the real fireworks will begin.
***Also Just Released Trade War Is Accelerating China’s Timetable For $20,000 Gold CLICK HERE.
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