Austerity the reason Gold is correcting?

Posted by Richard Russell - Dow Theory Letters

Share on Facebook

Tweet on Twitter

“Britain under its new leadership is going the austerity route. Chancellor Osborne set plans for 81 million pounds sterling of spending cuts, all in an effort to erase Britain’s deficit by 2015. Osborne’s plan will entail the loss of 500,000 jobs in Britain’s biggest austerity push since World War II. Osborrn will require larger pension contributions, and higher retirement age, Conservatives in Parliament cheered Osborn, crying “More, more” as the word of the new austerity program emerged. There was no sense of panic on the part of the British public, perhaps because Brits remember the austerity and pain they lived through during the dark and horrific days of World War II.