In the table below, we see that both gold and the USD had a very good week. Indeed, it is a very rare occurrence for both to strengthen simultaneously. Once can only imagine how gold would have done if the USD weakened significantly. In the future, we may see gold and silver rise regardless of how the USD moves.

From TSG, the latest on earnings season is abysmal...

"In the seventh week of Q3-08 reporting season with a total of 3719 companies having reported (up from 3366 companies last week), average earnings dove to -62% (down from -47% last week, -38% two weeks ago, -42% three weeks ago and well down from -13% in the season opener seven weeks ago) versus Q3-07. This compares to a year-over-year 36% drop in Q2-08 earnings, a 30% decline for Q1-08, a fall of 57% for Q4-07, a 21% drop for Q3-07 and a 13% jump for Q2-07. Q3-08 also marks the fifth quarter that earnings have deteriorated as the season matured. This is the worst earnings decline since earnings began to fall out of bed last year!"

How gold reacts when Asia opens tomorrow night will be most interesting.

Cheers - VHF

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And since Citigroup had such a stellar week...

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And since Ben has had such a stellar year...