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Message: Auguries—Confirmat... Bias

Auguries—Confirmation Bias
May 3, 2012
By Kevin Michael Grace

Gold was down (at press time) $20.60 (-1.2%) for the week to $1,636.70, and silver was down $1.01 (-3.2%) to $30.15. MarketWatch attributed gold’s decline to “a report show[ing] fewer US residents applying for unemployment benefits” and “the European Central Bank [having] left unchanged its key lending rate.”

According to GoldCore, “Gold has been under pressure in Asia and Europe despite very disappointing economic data further igniting concerns about global growth and the debt crisis.” So is the economic data good or bad? That depends on one’s definition of “good.” The more important question is whether our leaders have the crisis under control.

Read more of this article about gold prices.

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