Saturday, January 25, 2014

Art Cashin on CNBC - Currency Worries

Art Cashin comments about currency worries on CNBC near the market close on Friday.

I note as he mentions the currency problems that hit the markets Friday he says "today we are worried about currencies" and "nations use weekends to adjust their currencies". He adds, "they usually do it on a Sunday when no one is around".

While Cashin is just talking about a few countries that got hit with currency devaluations, his statement does include a point for us to keep in mind regarding how nations do things.

In the event we do have a "global currency reset" someday, we can expect that they will use a weekend to do it because they prefer to handle things like this "when no one is around". And we can also expect that no prior warning will be issued ahead of time. Which is why we need to keep an eye out and stay prepared.

added update (1-29-14): Cashin offers a written commentary to the alternative news site King World News. Here is his latest one posted there. What we note in this article are his comments about gold titled "Is Something Strange Brewing in the Gold Market?" We have said that large movements of gold are one of the signposts we should keep an eye on. Cashin points out some here. Since his article was written, another huge withdrawal of gold from the JP Morgan account at Comex has taken place.

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