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Good Riddance, 2nd QTR!

4 days ago

A Pfennig For Your Thoughts

July 1, 2020

* Currencies rally in daylight, get sold overnight
* Gold trades to $1,804 before the boys in the band show up… 

Good Day… And a Wonderful Wednesday to you! and welcome to July… Pfennig tradition calls for this… There I was on a July morning, looking for love, with the strength of a new day dawning, and a beautiful sun… Those lyrics come curtesy of Uriah Heap, the band, not the Dickens character! Another day of rain and clouds yesterday, and this morning, but by noon, it’s all supposed to leave us and bring us back our sunshine and blue skies! But it IS that time of year, when the days heat up, and bring about a Thunderstorm, and then leave us with hot and humid days… So… We carry on! I slept through most of yesterday, as the daylight hours

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Oh, Oh! Please Pick Me! Please Pick Me!

5 days ago

A Pfennig For Your Thoughts

June 30, 2020

* After a nothing day, dollars get bought overnight
* The Fed releases the names of Corporate bonds they bought… 

Good Day… and a Tom Terrific Tuesday to you! After days of marvelous weather here, we had a yucky day here with rain and clouds all day, but as I always say, we have to experience a little rain to thoroughly enjoy sunny days! Kathy’s vacation away from me, ends today… Sorry dear, all good things must come to an end! HA! Everything seems to be escalating these days, and everything is political too… I saw a scary video yesterday, as protesters began to walk down a street that the St. Louis Mayor lives on, they were met with two home owners with guns… That’s just the first step, folks, the next will be blood shed, and then the

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U.S. Treasury Sends $1.4 Million To Dead Folks!

5 days ago

A Pfennig For Your Thoughts

June 29, 2020

* Currencies find a way to gain VS the dollar on Friday… 
* Have the words of Stephen Roach sunk in to currency traders? 

Good Day… And a Marvelous Monday to you! Well, for all of you longtime readers, this will throw you for a bit… Youngest son, Alex, celebrated his 25th birthday yesterday… I know some of you can recall when he was born, and some of you can recall when he used to help me write the pfennig, but now after all these years, he holds a doctorate degree from St. Louis University in Physical Therapy… All the folks in our family have agreed that we don’t have to call him Dr. Butler… And he’s OK with that! But can you believe it? 25 years ago, I was 40, and thinking I’ll never be alive to see this kid graduate from High School, much

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Oops! Did I Say That Out Loud?

10 days ago

A Pfennig For Your Thoughts

June 25, 2020

* Only dollars & Treasuries survive yesterday… 
* Fears of Pandemic 2.0 roils the markets… 

Good Day… And a Tub Thumpin’ Thursday to you! Another beautiful day here yesterday… Our house is usually pretty chilly, especially in the basement, where I spend most of my time. And I usually have to put on a jacket, or hoodie to watch TV, or sit at my writing desk… Last night I thought, Hey! I’m going to go outside to watch TV for it’s gotta be warmer outside! But by the time the sun set, I was in search for my pullover jacket… A beautiful evening, just not as warm as I thought it would be. The lightening bugs are out! I love watching the lightening bugs in the summer time… I made “pig-cluckers” for dinner last night… A “pig-clucker” is a bacon

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The Dollar Is Our Currency, But It’s Your Problem!

11 days ago

A Pfennig For Your Thoughts

June 24, 2020

* Gold pushes through $1,750 and is not looking back! 
* Currencies benefit from dollar selling… 

Good day… And a Wonderful Wednesday to you! What a day, yesterday, what a day! One of the most beautiful days I can recall in June… No major problems at the Butler house to deal with yesterday, so my normal routine was not in trouble like it was on Saturday, Sunday and Monday! I’m a “routine” kind of person, and to upset the applecart which is my daily routine, tends to send me spiraling into a funk… But the funk was taken care of yesterday, by the routine being back in place, and the beautiful day! Today is supposed to be a lot like yesterday, so I have that going for me, eh? The breakout for Gold is happening, the currencies gather steam again,

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Gold Crosses $1,750….

12 days ago

A Pfennig For Your Thoughts

June 23, 2020

* Currencies rebound on Monday! 
* Chuck explains that the stock market is NOT the economy… 

Good Day… And a Tom Terrific Tuesday to you! Last night they replayed Game 1 of the 1968 World Series, in which Bob Gibson set the World Series record for strikeouts in a game, at 17… I recalled watching the game somewhat in school, on a TV that they rolled into the room. The game was in black and white, which still puzzles me, because color TV was around then… Some classic baseball names were in that game: Gibson, McCarver, Maris, Cepeda, Brock, and flood for the Cardinals , and McClain, Lolich, Cash and Kaline for the tigers. 1968 was the year of the pitcher, and the year that Gibson set the all-time record low for ERA at 1.12…. That record still

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James Bullard: “We’re Not Out Of The Woods!”

13 days ago

A Pfennig For Your Thoughts
June 22, 2020
* Currencies give back their gains VS the dollar* Gold heads to $1,750, will it be met with resistance?
Good day… And a Marvelous Monday to you! What a day Father’s Day was for me yesterday, as my kids came over and did everything as far as preparing our meal, cleaning up, picking up all the paraphernalia that goes with young kids and a swimming pool, and then we gathered for a two pictures, one of me and my 4 grandkids, and one with me and my 3 kids… Darling daughter, Dawn, had wanted a single picture of the kids and grandkids together, but the best laid plans of mice and men took over… And it turned out to be a beautiful day with no rain during the day, as was forecast by the weather people! Our trip to Columbia on Saturday, turned out to be

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Powell Speaks, And The Markets Chuckle…

17 days ago

A Pfennig For Your Thoughts

June 18, 2020

* it was a nothing day for the currencies and metals… 
* Chuck wants to know why we are erasing our history? 

Good Day… And a Tub Thumpin’ Thursday to you! Once again, on a Tub Thumpin’ Thursday, my visit to the wound center is later in the morning, which gives me plenty of time to get this out before getting ready. So, good morning to you! I’ve always feared there be a day like today, when the markets didn’t move the previous day, and nobody said anything that would qualify them as dolt. No wait! Fed Chairman Powell spoke yesterday, so I get to nit pick his words, but other than that, nothing, absolutely nothing else to talk about today… that has always been in the back of my mind, when I reported to work early in the morning, and pulled up

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Powell Heads To The Hill Today…

18 days ago

A Pfennig For Your Thoughts

June 17, 2020

* Currencies couldn’t hold their Monday gains on Tuesday
* Is Hong Kong really in a tight spot? 

Good Day… And a Wonderful Wednesday to you! I don’t know what we did to deserve this run of beautiful weather, but I’m not complaining! And I know that all good things must come to an end, and eventually that will happen here… The mornings are so pleasant that I can sit out on our deck and drink some coffee while listening to classical music… Soon the mornings will already be hot, and I won’t be able to do that any longer, but for now, it’s just a peaceful and pleasant way to begin the day! 3 of the 4 grandkids were here yesterday to swim. My sons helped me do a Big Job in our Tiki hut out back, so thanks to Andrew and Alex, with a helping hand

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The Fed To Begin To Buy Corporate Bonds!

19 days ago

A Pfennig For Your Thoughts

June 16, 2020

* Currencies win back some lost ground from last week
* Gold fights back! 

Good day… And a Tom Terrific Tuesday to you! Another Chamber of Commerce day here where I live the summer and fall… Before I go ballistic today, I want send a great BIG Shout Out to my former colleague, and the guy I consider to be my metals guru, Tim Smith, who along with his wife Nicole, welcomed their first born into the world on June 3rd… Tim and Nicole are very happy with their strapping young man, named Jason… So, congrats to you two! May you get a lot of sleep in the coming weeks…. HA! I got to see all 4 of my grandkids on Sunday, and the highlight of the day went to little Evie, who is now 9 months old! She’s going to be walking soon, I would bet! Chicago greets

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Fed Money Creation Exceeds Tax Receipts

20 days ago

A Pfennig For Your Thoughts

June 15, 2020

* The Fed and PPT were out in force late last week… 
* Another false dawn for the currencies… 

Good day… And a Marvelous Monday to you! OMGosh! Yesterday couldn’t have been a more beautiful day here in the St. Louis area, than it was… Warm, no make that very warm in the sun, but with a cool breeze blowing all day, made the day as delightful as it could be yesterday! Friday night had just me, Alex, and good friend Kevin sitting out and avoiding the rain… It was just like old times, when Kevin and Chuck sat outside listening to baseball games.. Only this time there were no baseball games to listen to, so Chuck tried to fill the air with stories of his past… Alex seemed to enjoy them, as he never knew about his dad as a young man… Spoiler alert

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Powell Takes The Air Out Of The Dollar…

24 days ago

A Pfennig For Your Thoughts

June 11, 2020

* Currencies rally strongly on Wed. but soften overnight
* Gold soars on news that interest rates will remain near zero! 

Good Day… And a Tub Thumpin’ Thursday to you… This should be shorter than usual this morning, as I need to get ready to go see my oncologist this morning. Here’s something I doubt you’ll ever hear from any other cancer patient… “ I love to go see my oncologist” I’ve had 4, counting my M.D. Anderson doc, so I should have a pretty good idea as to who’s good and so on… Two of my former oncologists have retired… So, you know you’ve done a good job of surviving when you outlast your oncologist! HA! My allergies have really been beating on me this spring… Every time I go out to the back yard, everything has an inch of pollen

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The Dollar Bugs Are Sweating Bullets!

25 days ago

A Pfennig For Your Thoughts

June 10, 2020

* Currencies continue to move higher VS the dollar
* Gold gets back on the rally horse! 

Good Day… And a Wonderful Wednesday to you! Well, the reports of a heavy rain for yesterday, turned out to be wrong, as usual… Have you ever encountered a profession that could be so wrong all the time, and still be employed? Not that I’m complaining about the lack of rain, the sun did make a late afternoon appearance that allowed me to go outside for some reading… I’m into my new book on the history of Sam Houston… You know the Avengers of the Alamo? Where iconic American heroes of the day, Jim Bowie, and Davy Crockett both died defending the Alamo… I love American history, the real history, not the stuff they teach in schools these days…. OOOPs did I say

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U.S. Recession Began In February!

25 days ago

A Pfennig For Your Thoughts

June 9, 2020

* Currencies and metals rest on Monday… 
* The BLS points out a footnote that was a part of their jobs report… 

Good Day… And a Tom Terrific Tuesday to you! Another day in paradise, is what it seemed to be yesterday, with Blue umbrella skies, very warm sunshine, and it was the end of our run of warm, dry days, as the remnants of the Tropical Storm Christobal has come our way… But with the sun you have to have a little rain sometime! Rainy days make you appreciate, the sunny days even more! Much like Glenda told the munchkins, it’s safe to come out now… For all of you who thought maybe I had gone over the edge with my reporting of the BLS Jobs report last Friday, yesterday, can calm down, because I’ve gotten over it. Besides there’s not a single

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The BLS Upsets The Applecart!

27 days ago

A Pfennig For Your Thoughts

June 4, 2020

* Gold & Silver get whacked on Friday… 
* The Recent currency rally gets derailed on Friday… 

Good Day… And a Marvelous Monday to you! What a wonderful chamber of commerce weekend for us here in the Midwest!! We had all kinds of different people here to swim this week, but none made my heart open up and sing joyous songs, than my 8 month old granddaughter, Evie May… That child’s smile can make a mean old man wilt… Not that I’m a mean old man, but if there was one around he would be wilting! Like I said last week, this little girl will be able to call me whatever she wants, and she’ll get whatever it is that she wants. Not that I want a spoiled granddaughter, but I’m afraid that she’ll have me wrapped around her finger… The Allman Brothers greet

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Australia’s Run Of Years Without A Recession Are Over!

June 3, 2020

A Pfennig For Your Thoughts

June 3, 2020

* Currencies inch higher VS the dollar… 
* A$’s get the rug pulled out from under them…. 

Good Day… And a Wonderful Wednesday to you… As I sat there last night changing channels by the second, because I didn’t want to watch any more buildings afire, I thought… You know, this country has more good people that are nice, are fun to be with, and care about each other, than those that want to do harm to the country… Good, will eventually win out, I know it in my heart of hearts! June has brought us some very warm days to start the month, and after the cold wet spring we had, I’m all for very warm days! I can’t sit out in the sun as long as I could previously, but, I still get a good amount of Vitamin D each day…. The grandkids, all four of them,

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India’s Bond Rating Gets Cut Just Above Junk!…

June 2, 2020

A Pfennig For Your Thoughts

June 2, 2020

* Currencies again rally VS the dollar on Monday!
* Gold & Silver continue to move toward Breakout levels… 

Good Day… And a Tom Terrific Tuesday to you… I sure hope you’re safe wherever you may be… I simply can’t stand to watch TV for more than a small amount of time, or peruse through Twitter, or check out the new items on Bloomberg… They all contain somebody’s viewpoint on something that I’ll never understand. And I’ll just leave that there… Another beautiful day here in the Midwest… I sat outside for lunch and reading my book for about 2 hours, and then had to take a nap! HA! We had a birthday parade last night for Jerry McCoy, who I told you yesterday turned 40. These birthday parades are a good thought, but they really don’t do it for me…

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China Turns Back U.S. Cargo Ships!

June 1, 2020

A Pfennig For Your Thoughts

June 1, 2020

* Currencies add another day of advancement VS the dollar..
* Silver trades above $18!!! After a strong move late last week! 

Good Day… And a Marvelous Monday to you! And Welcome to June! What a wonderful weekend it was here, as the rain finally went away, and we were left with warm days, blue skies and plenty of sunshine! We had another driveway happy hour with my friends, on Friday. And yes, we kept safe distancing from each other! Today, is my darling daughter, Dawn’s husband, Jerry’s birthday! So, happy birthday to Jerry… He turns 40 today, so it’s a big one to him…. I’m sure his mom is thinking, “how’d he get to 40?” It just means we all keep getting older… Pfennig tradition calls for this: June is busting out all over, all over the meadow

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The Fed Begins Their Illegal Corporate Bond Buying…

May 28, 2020

A Pfennig For Your Thoughts

May 28, 2020

* The dollar bugs fight back on Wednesday…
* Gold fights back to recover early Wednesday loss… 

Good day… And a Tub Thumpin’ Thursday to you! In case you were ever wondering… Tub Thumpin’ is the title of a song by Chumbawamba… It was around in the 90’s, and I liked it! So, there you go! The song had some words that I think apply to me…. I get knocked down, but I get up again, nothing’s gonna keep me down…. I did get to sit outside late yesterday afternoon, after the morning rain finally ended. This new book, by Peter Zeihan, DisUnited Nations… I’m telling you this now, so you’ll listen to me later, I’m loving this book so far! And the writer is just laying the groundwork, if you will, for the rest of the book… I’m greeted this morning with

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Investors Believe There’s No Need For A Safe Haven!

May 27, 2020

A Pfennig For Your Thoughts

May 27, 2020

* Currencies continue inch higher VS the dollar
* The ECB throws Germany to the curb? 

Good Day… And a Wonderful Wednesday to you! A beautiful day yesterday, without rain! YAHOO! The rivers are rising, the creeks are rising, and the lake and dam system in S. W. Missouri is under siege, with water rising in the lakes to levels not seen in a long time. Usually around here, we see these daily storms rise up in June, not May… Hmmmm…. And another day of rain is on the docket today… UGH! The NHL announced their lame brained idea to start their playoffs and finish their season yesterday… I just think the whole plan is as dumb as a box of rocks… But the one good thing is that I’ll finally have some live sports to watch at night! HA! Seals and Crofts

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What On Earth Is China Doing Now?

May 26, 2020

A Pfennig For Your Thoughts

May 26, 2020

* Currencies continue to inch higher VS the dollar
* Price Manipulators keep playing games with Gold… 

Good Day…. And a Tom Terrific Tuesday to you.. I can’t believe that Memorial Day snuck up on me like it did… Just last week I was saying that next week was Memorial Day… But there I was on Friday night, and my neighbor, Paul, said, Happy Memorial Day Weekend to you”… I was shocked that it had come up on me so quickly.. But there it was… Memorial Day… We had a weekend of rain, and sun, rain and sun… But we had a great weekend despite the rain at times! As I told you last Wednesday, Saturday was grandson , Braden’s , birthday, and we had a nice birthday celebration for him, with family only, but still a good day! And yesterday, son Andrew, and

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The BOE Entertains Discussions On Negative Rates!

May 20, 2020

A Pfennig For Your Thoughts

May 20, 2020

* Currencies defy the odds and rally VS the dollar… 
* And after an engineered takedown, Gold fights back! 

Good Day… And a Wonderful Wednesday to you! Well… in a brief poll, it looks like: Thoughts From The Butler Patio is the winning new name for my letter… And I want to apologize for a pricing error in yesterday’s letter…. My darn fat fingers struck again, and had the Mexican peso with a 13 handle instead of a 23 handle… I’m very excited to get to this afternoon, when one of my fave economists, David Rosenberg, will be Grant Williams’ guest for an hour long discussion. David or Rosey, as he’s known to be called, is a lot like me, in that he doesn’t pull punches, and can’t understand why people can’t see what he’s seeing…. It was the David

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How Does Thoughts From The Butler Patio, Sound?

May 19, 2020

A Pfennig For Your Thoughts

May 19, 2020

* Currencies and stocks rally on antibody news… 
* Gold gets taken down after reaching $1,775…. 

Good day… And a Tom Terrific Tuesday to you…. Well, I sure did stir up a hornet’s nest with my letter yesterday… If today were April 2nd, I could have said today, April Fool’s! But it’s not April 2nd, and there is no April’s Food prank… I said what I said about the future of currencies as we know them today, and I’m not taking it back! Some of you were kind with your words, and some of you were having me fitted for a white coat! That’s ok… I’m sure the first guy to say that the earth was round, got those same kind of comments! And it’s not that I wanted to be “the first” to tell you about what debt is going to do to the currencies, I just wanted you

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Debt Accumulation Is The Dagger For Currencies…

May 18, 2020

A Pfennig For Your Thoughts

May 18, 2020

* Currencies lose ground last week… 
* Gold & Silver are gapping higher… 
* And Chuck changes his mind…. 

Good Day… And a Marvelous Monday to you! It was a long weekend for me, but then weekends are meaningless to me these days, as all days seem the same to me… At least before COVID-19, I could look forward to Fridays, when I would meet my friends at my local watering hole… We’ve tried to hold happy hour on Zoom, but it’s just not the same… So…. How was your weekend? HA! We’ve had nothing but rainy weather in the past couple of days, and hopefully this run of rainy weather will end soon! The Rolling Stones greet me this morning with their song: Can’t You Hear Me Knocking…

Really quick here… the currencies lost ground on Friday, even in the

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ECB’s Lagarde Turns Her Nose Up At The ECC!

May 13, 2020

A Pfennig For Your Thoughts

May 13, 2020

* Currencies rally on Monday and throughout the night!
* Gold gets off its seat to the do the stroll today…. 

Good day… And a Wonderful Wednesday to you! Sorry for the tardiness of the letter this morning, it was one of those mornings when I just couldn’t convince myself that I needed to wake up! I’ve been thinking about that a lot lately, and have decided that going forward, I’m not going to set an alarm, and I’ll write when my body tells me it’s time to wake up…. I would imagine that in the beginning the letter will get to your email box around the same time as always, but as time goes on it will be later, and later… That’s it… times change, and I do too….  Pink Floyd greets me this morning with their song: Wish You Were Here…. 

The dollar

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The Fed Will Begin To Buy Corp. ETF’s Today….

May 12, 2020

A Pfennig For Your Thoughts

May 12, 2020

* Currencies trade in a very tight range on Monday
* But currencies and Gold are both on the rally tracks today! 

Good Day… And a Tom Terrific Tuesday to you! While the sun was out, the sky was blue, the day was beautiful, until you stepped outside, and found that the temperature was 50 degrees! YIKES! Like I said last week, I find it ridiculous to try to get Vitamin D with a jacket and hat on! But I sat outside with a jacket and hat on for over two hours yesterday, reading, and working crossword puzzles, which have become a daily thing for me…. I think they keep my mind sharp…. I’m probably whistling up the wrong tree here, but that’s what I think, and that’s all that matters! HA! Well, Major League Baseball has announced that they will take a

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Why Does The Market Rally In The Face Of Awful Data?

May 11, 2020

A Pfennig For Your Thoughts

May 11, 2020

* Currencies rally on Friday, give back ground today
* Neal Kashkari: “The Worst Is Yet To Come”…. 

Good Day… And a Marvelous Monday to you! A fairly nice weekend, with some very chilly air being blown around yesterday, for Mother’s Day. Speaking of which, I hope all the mothers out there had a grand day. I know all too well, that this Mother’s Day was not anywhere near normal, and hopefully it’s that last time we have to go through that! If my mom was still alive I would have gone to see her, and still given her a hug…. I’m just saying…. I just don’t know what’s going on in the markets these days folks, so I’ll just keep giving you my opinions on what “should be Happening” VS what is Happening…. Like Friday’s markets reaction to an awful jobs

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20.2 Million Jobs Shed In April!

May 7, 2020

A Pfennig For Your Thoughts

May 7, 2020

* The dollar bugs rule the roost once again…. 
* Gold gets bashed on Wednesday, Chuck says it’s a “sign”… 

Good Day, and a Tub Thumpin’ Thursday to you! In honor of Tub Thumpin’… I get knocked down, but I get up again, you’re never going to keep me down…. Story of my life since June 2007, for sure! Well, the rain stopped yesterday morning, and the sun came out, but it was still just a little too chilly for yours truly. I did sit outside in the sun to eat my lunch, but that was it… I see no reason to be out trying to get some Vitamin D, with a jacket on! And with my bald head, a baseball cap needs to be worn any time the temps dip below 70! Well, I didn’t get much flack for my stance on the thought that the economy needed to be opened up… Thank

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What The Heck Is Ken Rogoff Talking About Now?

May 6, 2020

A Pfennig For Your Thoughts

May 6, 2020

* The dollar bugs rule the roost again on Tuesday night
* Did U.S. citizens spend their stimulus checks? 

Good Day… And a Wonderful Wednesday to you! Well, by now I’ve climbed down from my roof, where I had gone to yesterday so that everyone could hear me screaming about Ken Rogoff… But there was no one out to hear me…. So I came inside and wrote some nasty things about his latest proposal, and by the middle of the day, I was calmed back down…. Then I hear the song Ohio playing on my iPod and I began to get all riled up again, like I was yesterday morning when I wrote about the Kent State slayings of 4 students… Finally by late afternoon, I was calmed and in control of my emotions once again… So, it took me some time… And now this morning, I’m

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Currencies Give Bank All Of Their Gains From Friday!

May 5, 2020

A Pfennig For Your Thoughts

May 5, 2020

* Traders can’t figure out which way they want to go…. 
* Gold is stuck in the muck around $1,700… 

Good Day… And a Tom Terrific Tuesday to you! Rainy days and Mondays always get me down…. Years and years ago, when I was a young man working downtown, in my suit and tie, there was an old bank that turned into a restaurant, and on Rainy days and Mondays, sandwiches were ½ price, and beers were 50-cents…. I used to stop there after work whenever it rained… wink, wink…. Yesterday, was a rainy day, and a Monday, so the Carpenters would be down…. HA! After 90 degrees on Saturday, I had to get my Blues hoodie back out yesterday, for it got chilly once again! UGH! OK, I have an additional thought on yesterday, a correction to make, and more this

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