The price of gold tumbled more than $40 in early trading as the US dollar rallied, but take a look at this…

Another All-Time High
September 21 (King World News) – Holger Zschaepitz:  Just to keep things into perspective: Combined balance sheet of Fed, BoJ and ECB has hit to fresh all-time high at $21.3 trillion, equal to US GDP, meaning that paper money continues to be devalued, which may not be reflected in consumer prices, but in asset prices. (See chart below).

Fed, BoJ, ECB Balance Sheets Hit
All-Time High $21.3 Trillion!

Mind The Gap
Holger Zschaepitz:  Mind the gap: While S&P 500 has fallen for the 3rd consecutive week, global liquidity has hit fresh all-time high. (See chart below).

Global Liquidity Hit All-Time High Even As
S&P 500 Tumbled For 3rd Straight Week

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Junk Buyers
Jeroen Blokland:  Central banks are buying massive amounts of corporate bonds, which creditworthiness has been declining for 40 years! (See chart below).

Central Banks Buying Massive Amounts
Of Junk Corporate Bonds!

Now That’s A Plunge
The Daily Shot:  US household credit availability has declined sharply. (See chart below).

US Household Available Credit Declines Sharply

Tough Times Without Stimulus
The Daily Shot:  US household income expectations are rolling over. (See chart below).

US Household Income Expectations Plunging

Gold Plunges But Take A Look At This…
King World News note:  When it comes to the gold market, we are still watching the key $1,900-$1,920 support level. With the US dollar rallying today, the gold futures price is trading just below $1,900 so the price of gold is right at that key support.

Greyerz – Fourth Turning And Dark Years As World Descends Into Chaos
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