Manipulação dos dados estatísticos - EUA não são os únicos!

[Paciente]

Parece que o Japão padece da mesma "doença".

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The attached article highlights that it is not just the American government that distorts official data.

http://www.gold-eagle.com/editorials_05/dorsch082906.html

Most informed observers realize that no country monetizes its problems more than Japan (such as overtly supporting the stock market and lowering interest rates to zero), but even so it is shocking to realize the tactics they utilize to maintain their inflationary monetary policies.

The article shows how the Japanese government recently changed the contents of its CPI calculation to cause a roughly 7% annual inflation rate to fall closer to 0%, and thus enable the much ballyhooed tighter monetary policy (you know, the one that tanked global stock markets and commodities this spring) to be completely reversed.

In fact, they added 34 new items to the CPI and took out 48 to gain the desired result, and consequently (along with official sector purchases of JGB's) have caused the benchmark 10-year bond yield to fall from 2.0% in June to less than 1.7% today, i.e. a 15% decline.

I still get a kick out of commentary that links gold so strongly to the dollar, as by proxy it is directly linking gold to the Yen/Dollar (and Euro/Dollar) exchange rates. Japan's policy of destroying the Yen could not be more bullish for gold, however an unintended (?) consequence of this policy is the temporary floor it creates under the U.S. Dollar Index.

Of course, in time even this enormous level of official support will not be enough to keep the USDX above 80, as ultimately the Dollar's fundamentals are worse than the Yens'.

When the end game starts, which I expect sooner rather than later, investors worldwide will realize that the level of the U.S. Dollar Index is meaningless compared to the overall level of competitive currency devaluation practiced by the governments of ALL the world's major financial powers.

Combining this realization with the end of the Central Banks' remaining gold ammo should cause a movement in the gold price resembling the one in Rhodium (which can be followed by going to the home page of kitco.com).