Currencies have strong rally!  Trade Deficit jumps 16.3% in July!  HR 1207 Gets a hearing!  Gold gets back to $1,000!
And Now… Today’s Pfennig!

The yen rose across the board on Friday as a pullback in Wall Street shares and a drop in oil prices negated upbeat U.S. consumer sentiment, rekindling safe-haven demand for the Japanese currency.

China walks the walk… red nation agrees to major shift away from dollar reserves… Gold soars… Frank Holmes with a historic reason gold should keep rising… You know Peak Oil, but Peak Stimulus? Chris Mayer offers a compelling chart on government intervention… Dark data: Service sector, retail, jobs all disappoint, plus a shocking stat on student debt…

Gold prices rallied today, Thursday, to their highest level since February on strong investment demand amid caution ahead of key U.S. non-farm payrolls data on Friday (London GMT).

The yen and dollar rose on Tuesday as fears of further U.S. bank failures overshadowed unexpectedly strong U.S. manufacturing data, boosting the two currencies’ safe-haven appeal.

Gold climbed on Tuesday after data showed the U.S. manufacturing sector grew more than expected in August, lifting appetite for assets seen as higher risk, such as commodities, and boosting inflation fears.

Gold and silver prices climbed to their highest in seven weeks on Monday, as the dollar’s slide to its lowest since mid-December boosted interest in hard assets.

Good day… And a Marvelous Monday to you! Hereeeeeee’s Baaaaaacccckkkkk… Oh no! Just when you thought it was safe to open the Daily Pfennig and not get lectured on deficit spending… He’s back! Oh well, It’s been over two weeks, first to Vancouver, then on vacation.

US leading indicators push higher…  Labor department admits errors…  Ben Bernanke heads to the hill…  PIMCO suggests buying emerging markets… And Now… Today’s Pfennig!

Since the Obama administration took office in January, we’ve seen hundreds of billions pumped into the economy and the U.S. budget deficit now forecast to top the one trillion-dollar mark in the coming years. Many believe it’s only a matter of time before we also see much higher inflation – perhaps even hyper-inflation.