Global Market Commentary, Analysis and Investments
I was surprised when Mike Burk of Alpha Investment Management wrote that “Some of the NYSE breadth indicators look pretty good, but that is from strength in fixed income which makes up about half of the issues traded on the NYSE. Fixed income looks like a bubble.�
Well, being an admittedly stupid guy who just wants effortless and instantaneous satisfaction of every desire, I am, as such, not really into the “nuts and bolts� of things.
[Read more...]So gold is now at “fair value� says Bill Bonner, long-time gold bug and my former boss/partner-in-crime at The Daily Reckoning’s London HQ.
No, he won’t sell yet…if ever…says Bill. But gold’s huge under-pricing a decade ago has clearly passed by. Value-hungry investors got their “reversion to the mean,â€� and in the form of 400% gains, too. What one ounce of gold bought 2,000 years ago – a good suit of clothes, in Bill’s oft-repeated example – it now matches, if not exceeds in price, here in late 2010.
[Read more...]Wall Street did no damage yesterday. It left peoples’ money where it found it…as The Street took off for Labor Day. But the financial press didn’t stop…and neither did we at The Daily Reckoning.
The most amazing thing is that the people who are supposedly the most able thinkers seem unwilling to do any thinking. So many well-educated, smart economists spend their lives trying to understand what is going on. So few really seem to care.
[Read more...]Bloomberg.com had the headline “Bank of Korea ‘Under Pressure’ to Boost Gold Holdings, Shinhan’s Oh Says,� which was perfectly understandable, although I have no idea what “Shinhan’s Oh Says� means.
I suspect that Shinhan is some guy who just found out that purposely not buying gold is a really stupid idea, and who, upon realization of his rookie-like mistake, said, “Oh!�
[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...]Since I am known as something of a gold bug, a lot of people write to me about gold, but since I am a paranoid lunatic, I don’t read their letters, mostly because I now call myself Marvelous Macho Grande (MMG), figuring that an established alias could potentially come in handy when the prices of gold, silver and oil shoot higher and higher as inflation in consumer prices starts going parabolic as a result of the despicable Federal Reserve creating so, so, so much money, especially so that the despicable federal government can borrow and spend that selfsame so, so, so much money.
[Read more...]Front and center this morning, Australia printed a moon-shot second quarter GDP report, that has the risk aversion campers running for cover this morning. All currencies, except the risk aversion currencies of dollar, yen (JPY) and francs (CHF), are getting sold, and the Aussie dollar (AUD) has gained 1 1/2-cents!
[Read more...]I remember the good old days of the Cold War when the Russians were humorless robots who could always manage to catch James Bond, a British secret agent better known by his “License to Kill� number: 007.
But the clumsy, doltish Russians could never hold onto him, and in the process, a lot of Russian secret agents, soldiers, miscellaneous employees, assorted affiliates and innocent bystanders all died, usually in a blaze of gunfire or explosions of some kind.
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Let it Be: Solving the Slump in the US Real Estate Market
Let it be, let it be, let it be, let it be…
Simple words of wisdom – let it be
The Dow lost 107 points on its first day of trading after Labor Day. Gold rose to within $3 of its all-time high.
What do you make of it, dear reader?
Watch the bonds… We could be seeing the first crack in the bond market. But it seems too early to us. It seems more likely that the bond market will stretch this out…bringing more and more hapless investors on board before finally sinking.
[Read more...]