FULL FAITH

We could talk about the abysmal employment report where ZERO jobs were added and 57 thousand subtracted from the last month's report and 150,000 would have been lost but for the illusory BIRTH/DEATH model (which estimates how many new jobs were probably created by new business in a normal business cycle).

Or we could talk about how gold reacted predictably to the all but certain QE3 that is now on the table - and soared back to 2000 dollars an ounce of real bullion.

Or we could talk about how the market swooned - even with the expectation of QE3 - as the market is beginning to realize that just won't help it in the long run.

But let's talk about a much more important development this week. Let's talk about the fact that our president has a paramount JOBS SPEECH to deliver.

Yet the speech was postponed because it would interfere with a Republican Debate. Then it was moved so that it wouldn't interfere with Opening Night NFL Football. Then it was rescheduled right up against Dancing with the Stars, moved again, but was up against the final episode of Jersey Shore where the Situation vomits into Snooki's panty drawer, so it was moved back to Football night but set early enough so that it wouldn't interfere with the NFL Pregame Show.

This is a fabulous measure of how much the USA respects the President of the USA - and the entire government of the USA. This is a fabulous measure of how much self respect the president of the USA has. And this is a spot on measure of the FAITH the USA has in the power of its Government to positively effect anything at all in the economy: ZERO

And conversely it is a measure of the power of the Gold Bull Market: INFINITE.

Because, ultimately the price of gold is a precise measure of confidence of the Paper Money that is backed by only by FULL FAITH and CREDIT of the US Government. We all know how the Credit of the US Government is doing. 14 trillion dollars in the hole not counting the 110 trillion of unfunded liabilities. But even that is surmountable as long as the FAITH remains intact.

Unfortunately, when Faith in the government is Zero, the value of the currency will soon follow.

And gold will be the only viable alternative.