Both President Obama and Federal Reserve chairman Ben Bernanke addressed fears of a double dip recession today, in speeches that were not related. Mr. Obama held a press conference after meeting with German Chancellor Angela Merkel. “I’m not worried about a double-dip recession,” he said. He said he is worried about the slow pace of job creation in the country.
Speaking at a different conference, Mr. Bernanke echoed the sentiments of the president. “Until we see a sustained period of stronger job creation, we cannot consider the recovery to be truly established,” he said. After the Fed chairman made his remarks, both metals and stocks lost ground that was gained early in the day. This situation brings back to mind a buzzword from 2009: Stagflation, which The American Heritage Dictionary defines as “characterized by sluggish economic growth and high inflation.”
In a sign that the world may be starting to recognize the inevitable fall of the Ghaddafi regime, China and Russia have held talks with rebel leaders. Both countries formerly abstained from voting on the U.N. resolution authorizing use of force against Libya’s military. It’s hard to fathom that the former ruler could come back to full power after NATO forces have made clear that their end-in-mind goal is to see the entire ruling family ousted.
At 4:06 pm (CT) the APMEX precious metals spot prices were:
•Gold - $1,546.00 (down $1.70 on the day)
•Silver - $37.25 (up $0.38)
•Platinum - $1,836.90 (up $14.70)
•Palladium - $811.20 (up $10.50)
by Robert Davis June 7, 2011
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