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unchanged and signaled two rate hikes later on this year. now, that looks like the fed seemingly has cold feet so what are you doing with your portfolio at this point? guy? i think you stay with the cold market. i think gold is telling you everything you need to know over the last three weeks to the last month and a half where on every rally in the s&p where gold should have sold off it has not and it s gone higher. look at the move today. obviously hey lot has to do with the weaker dollar here. again, you have central bank policies. everybody is in this currency race to zero by definition that supports gold and i think gdx is the way to play it. the problem is they pushed out inflation. they pushed out there s no sign of inflation. i understand there s a host of reasons to buy gold. inflation hasn t been the main reason to be buying gold at this point but if you see gdx it looks to me like it s rolling over, and i don t think you can buy gld or gdx at this poin ....
now is probably benefiting around $1,000 a year, and some very detailed microdata that i have seen on household spending patterns suggest there may be a link, as you would expect from reduce reduced amounts that people pay at the pump to overspending like eating out for restaurant meals and other things, but the aggregate data, you know, is not as strong spending is not as strong as it could be given the decline. and, of course on the other sigh we are it may be that it will take a while and it s something that will slowly strengthen over time if oil prices stay low. on the other side, of course, we have seen a marked decline in drilling, which is depressed investment spending, and, of course, very substantial layoffs in the energy sector. with respect to impact of oil prices on inflation and what would happen if they move up, the committee has generally tended to look through movements of oil prices, whether they were on the up side or on the down side, viewing it ....