Overnight there was some data that was disappointing from China. Gold and silver have been hit, but strangely enough, oil has been firm. The key thing the markets are failing to realize is that the Chinese are getting the job done. They are not going to slow their economy to the point where they have high unemployment and riots in the streets.
Instead of China growing at 7.3 percent, maybe they will grow at 7 percent. How many times in its history has the United States grown 7 percent in a year? But I still think 7 percent is a lowball figure for China.
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