Well our primary theme (believe it or not, including for an eventual positive stance on the gold sector) has been a firming of the US dollar and then for an economic contraction to resume. This would begin in the manufacturing and exporting sectors.
Yesterday’s ISM was stellar, and indeed had the additional benefit of eroding commodity prices due to the stronger dollar. However, there is another side to the equation as this headline at MarketWatch implies…
Trade deficit jumps 7.6% in September to $43 billion as exports weaken
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