Booming Stocks Versus Booming Gold?
Unfolding Conditions Strongly Favor Precious Metals, Not Equities

Consumer Liquidity Stresses Intensify;
Economic Outlook Continues to Deteriorate Markedly

Sharp Jumps in Annual July Money Supply Growth Suggest Possible Easing,
Yet the Monetary Base Remains in Historically Deep Annual Contraction

Whether or Not Hints of a July 31st FOMC Rate Cut Formally Pan Out,
Major Easing (Possibly Renewed Quantitative Easing) Is Likely by September

Playing Games With the Federal Debt Ceiling
Risks a Ratings Downgrade, Intensifying Flight from the Dollar

Needed Fiscal Stimulus for the Economy Will Be Difficult,
With an Already Exploding Budget Deficit

Weakening Annual June Payroll Growth in Aggregate and in Key Series
Was Accompanied by Upside Ticks in the Various Unemployment Measures

July 26th GDP Benchmarking and Initial Second-Quarter GDP
Should Offer Downside Headline Surprises