Global Economic Plunge, Money Creation & Soaring Gold

Thursday, September 13, 2012
By Paul Martin
September 13, 2012

Today Mish warned King World News that investors should prepare, “… for a big plunge in economic growth worldwide.” Mish also said that despite the plunge in the global economy, “I expect to see gold breakout to the upside and I think we are starting to see that right now. The same thing is true for silver.”

But first, here is what Mish, who runs the Global Economic Analysis site, had to say regarding the plunge in economic activity: “We are seeing a decline in the global economy. China has slowed down dramatically, so any commodity exporters which export to China are slowing down as well. We’re already seeing this happen in countries like Australia. We are also starting to see the Australian housing market begin to crash.”

Mish continues:

“We have seen a plunge in the price of steel, down over 50% from the peak, and one analyst is expecting a further 50% drop in the price of steel. We are seeing problems surface in Italy. Yesterday, reports of the slowdown hit Canada. There was a huge drop in Canadian exports across the entire board.

The decline in exports hit all of the major categories, autos, energy, agriculture, forest products, machinery and equipment products. The overall drop was 3.4%, but there was an even bigger drop of 5% in exports to the US….

The Rest…HERE

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