China's First Economic Census

Remarkably this week China reported that their internal GDP estimates were off by +17%. That is a material number by any measure. The reason investors are so careful with China is for this very reason...no one will "bet the ranch" on what they are reporting...Their stock market was down for the year against all other markets globally. Yet virtually everything is bet on their continued success...The trend is up and so is their momentum...It maybe bigger than anyone knows! The scarcity value of anything critical to the world will remain high!

Here in the USA Year to date retail electricity sales are 3.6% higher...Twice what was forecast...Rolling 12 month prices for electricity are ahead 4.8%.Generators continued to run down their petroleum liquid inventories...Now 21% below September 2004 levels. Coal stock piles are 8% below last year levels and now stand at record lows. It seems that almost everything is much stronger than the media will allow us to believe...There simply are too many positives being unreported or under reported!

Barkly is looking forward to a Merry Christmas!!