AUTOREFRESH 
UK treasury to downgrade 2009 economic outlook
By Sean Lee || November 26, 2009 at 22:36 GMT
|| 10 comments || Add comment
This coming across the newswires will be bearish news for GBP. Finance minister Alastair Darling will announce that the UK economy is likely to shrink by 4.75% in 2009 as opposed to the 3.5% forecast earlier in the year. On the plus side, there still should be some small growth in Q4, of between 0.2/0.4%.
Oh great.
And after all the guff he spouted again today ‘n all.
I was on the verge of doing an excruciating search much earlier on all his sweetyisms this year – but life’s too short.
Is he related to Corporal Darling from Blackadder? Is Blackday really the seventh series Blackadder?
Nooo, he’s a seventh day wonder
And the other’s a seventh day aversist.
Well, we shall see what gold does, Sean, but I would say speculative fever dwarfs the physical demand. Gold has come a long way fast as part of the short dollar trade and it is due for a correction, in my view at least.
Sure ISCA, corrections are part and parcel of any market and gold is probably overdue. In fact for any healthy market trend to develop then we need corrections on a regular basis or as you so rightly say, bubbles develop.
Gold’s rise mostly reflects near zero interest rates and speculation, but there is also demand to add to gold reserves from India and others, which I think as foolish as Brown’s selling of UK gold when the price was low. The Indians are buying at the top of the market. I agree with almost all your other comments and am with you 1000% on the pound which ought to be back at $1.40. UK economy is a mess. The £ will head towards 1.60 fast if risk aversion becomes the new trend.
Cor, cable’s doin’ its thang too, so I’d best get off before I blow any more bubbles
Nightie night and good luck all.
Don’t be ridiculous, Sean. You know me. I mean, I laugh in the face of fear and tweak the nose of the dreadful spindly killer fish.
That’s only after it’s tweaked yours first.