Global Market Commentary, Analysis and Investments
Nothing comes from nothing, nothing ever could
– The Sound of Music
Expect a miracle. Or a fraud.
It is impossible for printed money – money created out of thin air – to bring real wealth. It’s just paper. Or not even paper. These days it’s nothing more than the wispy imagination of the Internet.
[Read more...]How are things on the pampas?
Tolerably fair, it appears…
We just got here. Too soon to rush to judgment. From what we can tell, though, the poor Argentines seem to be shooting themselves in the foot…and the leg…and everywhere else. They’re going to be taking out buckshot for years…
[Read more...]Yesterday was a good day for stock market investors. Prices went up. The Dow rose 254 points, leaving us uncertain about its near-term intentions.
Of course, we’re always uncertain. But sometimes we’re more uncertain than others. What seems certain to us is that stocks are a bad bet.
[Read more...]Nothing much happened on Wall Street yesterday.
And there’s not much in the press today. The Financial Times talks of mergers and acquisitions, Australia’s upcoming elections, and South Africa’s drift towards Zimbabwe.
The International Herald Tribune (the overseas version of The New York Times) is concerned with elections in Haiti, Iraq bombings, and China’s banking system.
[Read more...]Dow down 39 yesterday. Gold plus $2. And the noose tightens on Bernanke’s neck.
As of this writing, Wall Street is still in bull mode. Can you make money by joining it? Maybe. Is it worth it? Probably not.
If you do decide to play the game…just be sure you remember what game you’re playing. This is a Great Correction. Over time, prices are going to work their way down until the Dow has dropped below its March 2009 low.
[Read more...]Today, we weep!
Yes…pity the poor rich. Or those who thought they were rich. They’re losing their houses.
The New York Times reports that the rich are defaulting on their mortgage loans faster than the poor:
The housing bust that began among the working class in remote subdivisions and quickly progressed to the suburban middle class is striking the upper class in privileged enclaves like this one in Silicon Valley.
[Read more...]Americans may have fretted a bit over the holiday weekend. The news has been bad. At least, if you regard a correction as bad.
California is cutting its payroll and putting others on minimum wage salaries.
Illinois has run out of money and stopped paying its bills.
The stock market is going down. Bond yields are at record lows.
[Read more...]What happened to the recovery? This report from AP:
WASHINGTON (AP) – Sales of previously occupied homes dipped 2.2 percent in May, signaling that a boost from home-buying tax credits is fading sooner than expected.
Last month’s sales fell from the previous month to a seasonally adjusted annual rate of 5.66 million, the National Association of Realtors said Tuesday. Analysts who had expected sales to rise expressed concern that the real estate market could tumble once the benefit of the federal incentives is gone entirely, starting next month.
[Read more...]The surprise at the beginning of the day yesterday was China’s announcement that it would end the dollar peg.
The surprise at the end of the day was that it didn’t make any difference. The news got investors all antsy…they spent the day preparing to drive prices higher. But at the end of the day the Dow finished lower – by 8 points.
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Gold or Stocks: What to Hold During the Great Correction
Gold or stocks?
Gold will go up another $300 next year, says Goldman Sachs. Bloomberg reports:
Gold rose 27 percent this year, heading for a 10th consecutive annual advance. Investors are seeking hard assets as governments and central banks led by the Federal Reserve pump more than $2 trillion into the world financial system.
[Read more...]Click for detailed story