U.S. Federal Reserve leaves rates unchanged, but
Korea and Canada raised their interest rates this
week?all the more reason to hold currencies other
than the U.S. dollar.


OUR CLIENTS' PORTFOLIOS

We are holding resource and foreign companies for
our clients. We hold very few U.S. stocks that
are not involved in resource industries.


AS WE HAVE SAID RECENTLY...A GLOBAL MARKET RALLY
IS UNDERWAY

Take your pick. Most countries are enjoying a
good summer rally with many new highs. Let's
start with the I's, India and Indonesia, then
Singapore, Thailand, Philippines, Hong Kong,
Korea, and even Japan is flirting with multi-year
highs. China has had a good rally but it is still
below the highs of May and June.

How about the Americas? Canada, Brazil and
Argentine are at new highs. Even the U.S. is in
new high territory. Europe also has many markets
hitting new highs.

Global liquidity patterns are strong. Central
banks are supplying excess liquidity and someday
it will all come to an unpleasant end. However,
the sun is out today and we will enjoy the good
financial weather and keep an eye our for rain
clouds. The year has been a good one and we will
want to protect our profits. We expect a good
market rally through August and then we will
watch for a fall correction, so we expect to take
a lot of profits in mid to late August, and then
recommit after the expected seasonal pullback.


U.S. MARKET

As many of you may know, the last six decades the
mid October to mid May period has been the best
for U.S. stocks, with May and June usually weak
and July-August often providing a summer rally,
followed by a decline in September and early
October. This pattern is not a guaranteed annual
event but it sometimes works out that way.


GLOBAL MARKETS

Other parts of the world have different patterns
and are driven by a much different, and currently
much better, fundamental backdrop. Globally
corporate profits are growing much faster than in
the U.S., global economic growth is much faster
than in the U.S. and so on.

We expect a continued uptrend in the better
global markets punctuated with periods of
correction. For the past several years, the wise
approach has been to buy during these periods of
correction. We plan to continue that approach.

Thanks for listening

For More information on global investing visit
http://www.howtoinvestglobally.com and for More
information on Guild Investment Management
Services visit http://www.guildinvestment.com



--------------------------------------------------
------------------------------


These articles are for informational purposes
only and are not intended to be a solicitation,
offering or recommendation of any security.
Guild Investment Management does not represent
that the securities, products, or services
discussed in this web site are suitable or
appropriate for all investors. Any market
analysis constitutes an opinion that may not be
correct. Readers must make their own independent
investment decisions.
The information in this article is not intended
for distribution to, or use by, any person or
entity in any jurisdiction or country where such
distribution or use would be contrary to law or
regulation, or which would subject Guild
Investment Management to any registration
requirement within such jurisdiction or country.

Any opinions expressed herein, are subject to
change without notice. In addition, there are
many market, currency, economic, political,
business, technological and other risks that are
beyond our control. We make reasonable efforts
to provide accurate content in these articles;
however, some content and some of the assumptions,
formulas, algorithms and other data that impact
the content may be inaccurate, outdated, or
otherwise inappropriate. In addition, we may
have conflicts of interest with respect to any
investments mentioned. Our principals and our
clients may hold positions in investments
mentioned on the site or we may take positions
contrary to investments mentioned.

Guild's current and past market commentaries are
protected by copyright. Apart from any use
permitted under the Copyright Act, you must not
copy, frame, modify, transmit or distribute the
market commentaries, without seeking the prior
consent of Guild.