US consumers really went on a holiday spending spree in November and December. Consumers increased their debt load in November by $14 billion – which itself came as a bit of a surprise – and then dwarfed that figure by charging a cool $22.1 billion in December.
These figures bring the overall consumer debt in the US to $1.1 Trillion-with-a-T, which believe it or not is not a new all-time record. Fundamentalists would expect such rapid debt increases to drive the US Dollar down into the pits, but the USD actually gained in December.
This gave some market watchers apoplexy for sure. Your Gold Enthusiast thinks the loss of perspective is just another sign of a coming market top, with when being the only remaining question. Read more about the consumer credit situation in today’s featured article…
Continue reading at ABCNEWS.com