Global Market Commentary, Analysis and Investments
Why did the Dow Jones Industrial Average soar 162 points yesterday? And why is it rocketing another 300 points this morning?
Was it because Consumer Confidence for October plummeted from 46.0 to 39.8…or was it because the number of Americans who signed contracts to buy homes fell for the third straight month?
[Read more...]Gold has picked up the pieces of its drop, and is rallying this morning, with it up right now: $34… As I walked by Aaron’s desk on Friday, he stopped me to show me a video of a news reporter saying something like… Investors should not buy gold, but should instead hold dollars, because…dollars are backed by the US government, and gold is backed by nothing…
[Read more...]It’s one of the great mysteries of the market this year. For the first half of the year, the HUI Gold Bugs Index — made up of gold mining stocks — was down 9%, despite the fact that the price of gold was up 30%. What gives?
Normally, gold stocks give its investors some leverage to the gold price. Historically, gold stocks move 2-3% for every 1% move in gold. Not so in 2011.
[Read more...]Front and center today I have to tell you that I do believe that a Perfect Storm is brewing for some dollar strength… You see… First we had the Brazilian move last week that allowed the dollar to recover lost ground against the real… Then we had the Swiss announce a floor for the franc, which on the pairs, carried over to dollar strength against the franc… And now tonight…
[Read more...]There’s a fly in the ointment, folks… The ointment being the bailouts of Greece, Ireland and Portugal… A German court is going to rule on the constitutionality, or legality, of Germany’s participation in the bailouts, and this ruling is expected tomorrow, September 7th!
This is like here in the US, where we just circumvent the Constitution and it takes a ruling by the Supreme Court to overrule something that should never have started… Well… Apparently, Germany’s participation in the bailouts is considered to be against the law of the land… Germany’s Chancellor, Angela Merkel, has tried to sneak the sun past the rooster here, and now, we’ll see if the German Court will look the other way or not…
[Read more...]Front and center today, gold and silver are seeing some profit taking, after gold climbed as high as $1,897!!! ($1,910 in futures!) I told the boys and girls on the desk yesterday that I truly believed that once gold moved past $1,900, that it wouldn’t take long for it to get to $2,000, because of all the momentum behind it, and the idea that so many analysts have called for $2,000 gold… Of course, I don’t know anything “inside” that would make me think that… It’s simply my opinion, and I could be wrong!
[Read more...]At one point yesterday, it looked as though the dollar was about to get a root canal, as the euro (EUR) climbed back to 1.45, the Aussie dollar (AUD) $1.05 and so on… The currencies were rallying so much that gold climbed into the back seat and let the currencies drive for a while… But, this morning… Gold is back in the driver’s seat, with the currencies backing off their charge against the dollar.
[Read more...]After Tuesday’s beat-down and Wednesday’s recovery, precious metals are holding steady. At last check, gold is at $1,598.
Of course, the short correction brought with it the usual cries of “bubble” in the gold market. Even here in our own household, we fielded questions on the subject…
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Currencies Rally on Eurozone Agreement
The currency rally that stalled yesterday was back on last night… I have to tell you that I was up most of the night on Sunday and after getting poked and stuck at the doctor’s office yesterday, I went home, straight to my recliner and slept for the next five hours! Then I woke up, went to my computer and checked the overnight markets, and I saw the currencies had turned around, along with gold. So naturally, I began to scour the news to see what was going on.
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