slumpWatching CCN Money live online yesterday, I was struck by the unanimity among the studio interviewees and newscasters in agreeing that the Fed had put off raising rates yet again because “it wanted to be certain that when the recovery lift-off comes, it will really go with a bang and not be spoiled by going too early”.

Somehow, I doubt very much if there was a time at the Alamo – as Santa Ana’s troops finally swarmed into the stockade – when Davy Crocket said to his Tennessee followers, “OK guys, I think it’s time to start using real ammo”. At the risk of being tedious here, I must point out that folks in Business telly studios read nothing but news releases issued by other folks who don’t want too many folks working out that we’re in the worst global depression since political folks started saying “Globalglobalglobalglobal” as if they might be Turkeys who just spotted Farmer Giles with an axe on December 20th.

So here are today’s Dayglo signals for the visually challenged…

Glencore announced today a 500,000 tonne cut in zinc metal mine production across its operations in Australia, South America & Kazakhstan. The company said the  ‘main reason for the reduction is to preserve the value of Glencore’s reserves in the ground at a time of low zinc and lead prices, which do not correctly value the scarce nature of our resources’. That and the fact that no mother wants zinc if nobody’s buying zinc-derived products.

The Pound fell today after the UK’s trade deficit expanded somewhat more than the Treasury et al had expected. They were of course the only dingbats who didn’t expect it, given that our main trading partner is braindead and drowning in debt. To make things worse, construction output fell  at the fastest pace since 2012, when research shows we had 750,000 fewer immigrants to house.

Gold prices rose to a three-week high after speculation that the Federal Reserve may well refrain from raising interest rates this year, or indeed ever again. And finally….

Compass Production Partners  signed a deal to sell its Holly, Waskom, and Danville assets to Indigo Minerals for $160 million in cash. The money will be used to reduce the rapidly rising debt management problems Compass has been having….given it is a gas extractor. Hey Dan Hannan, let’s get fracking, that’s what I say: what a fantastically great idea it was from the Camerlot to try and persuade us all to dig up Britain and then die of dehydration just as the world got a glut of oil.

In brief: these four items cover raw materials, falling trade, a swing towards safe havens, and energy. They all point the same way. They’ve been pointing the same way since 2013: problem is, nobody can get back down the road to Sanityville, because all the signs saying ‘Sanityville 2000 miles’ are blocking the road.

Earlier at The Slog: Rolling in money in the Silly Aisles