European Economy Growing Steadily

From the Daily Pfennig (dpfennig@everbank.com) this morning:

"An article in the Financial Times earlier this week illustrated just how bright the future looks for the Euro zone:

"The euro zone's underlying growth prospects have taken a lasting turn for the better, the International Monetary Fund's chief economist has argued, in comments that could increase the pressure on the European Central Bank to make a similar judgment call.

The strength of the economic upswing in the 13-country region continued to surprise, said Simon Johnson. Current estimates of its "potential" growth rate - the pace at which it can expand without creating excessive inflation - might be too conservative, he added. "My guess is that potential growth is up a bit, and my guess is that it is down a bit in the US." Europe had undergone a long restructuring process, "which is really paying off".""

Europe continues to prosper, particularly in comparison with America. Thus, the Euro is growing while the dollar continues its long term decline in purchasing power. In dollar terms, gold is up $2.50 today at $650.40, and silver is at $12.44.

The mining stocks are recovering, too. Looking at them >> AGXM 1.39;CDY 1.90; CEF 9.15; DROOY 0.7395; EGO 5.97; GFI 15.61; GSS 3.70; HMY 14.36; IAG 7.66; KGC 11.66; KRY 4.20; MRB 4.4095; NEM 38.95; NTO 5.73; PAAS 26.53; RNO 4.95; SSRI 34.6725; XRA 3.83. This week, I bought Exeter Resources (XRA) at 3.22. It was depressed for a while and is still down some from recent high of 4.21 on June 18th. It seems a minor holding of the company was under political pressure.

We may see further corrections along the way, but long term, the precious metals look great to me. In fact, one could consider further purchases.

Keep your eyes upon our Lord and Savior Jesus Christ. Serve Him and be a good witness for Him with all of your being.

Best to each, Doug