The latest from MasterCard indicates that retail sales fell sharply in November. Should this trend carry over into the Christmas Season, which is very likely considering worsening economic conditions, then expect major job losses in early 2009.

Also, further below is an interesting chart just posted by Sean Brodrick. It clearly shows that gold has outperformed everything during the past 5 years despite continual suppression and propping up of the competition. So much for gold losing its safe haven appeal!

Another rollercoaster day - VHF

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Retail Sales Imploded In November (MA)

Douglas A. McIntyre

December 3, 2008

MasterCard (MA) has a unit which tracks retail sales. The numbers that it posted for November are almost too horrible to believe.

According to The Wall Street Journal, new data from MasterCard SpendingPulse shows that "sales fell 20% from year-ago levels at apparel and department stores combined, 24% at luxury stores and 25% at electronics stores."

No comment necessary.

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Gold Chart from S. Brodrick