20 minutes to the closing bell and the averages are all lower..
DOW down 123 to 8455; NAS down 47 to 1517 and S&P down 22 to 865…
10 yr at 2.15%….Oil is trading under $40.00…..
UBS is forecasting GLD falling to $700.00.. IMO with the FED and Treasury printing money and adding to balance sheets eventually there will be inflation as the dollar continues to be devalued..that is traditionally bullish for GLD..where else is the safe money going to go? Note how totally off UBS has been on this call all through the past year…
If they are calling for a short term liquidity squeeze forcing sales that is one thing, but a projection on weak demand? Nahhh
Keep flooding into Treasury Bills with a 0.002 yield? Into what other currency would the safe money go? ..until there is some new fabulous gold backed world currency, I say as the dollar drops and with oil this low, and there being no more commodity play for safety, with these low Treasury yields, (which the FED will keep pushing down by buying paper), GLD has to stay above $700 as far as I can see…I think it should go higher not lower…. Nahh they’re smokin rope at UBS says I…..
For a real market, we have the polar opposite view..watch the forecast from P McGuire Mg Dir of Commodity Warrants Australia..he expects GLD to hit $1040.00 by March, video here
On the housing front, as expected, the self-directed mortgage modifications by the big banks are failing miserably. They are re-defaulting as the banks refuse to take principle write downs as part of the package and are using an income to debt ratio that is unsustainable for borrowers, as amply demonstrated by Sheila Bair and the IndyMac mods..
So what’s the problem> Hank and the Gang that Couldn’t Shoot Straight at Treasury REFUSE to order effective loan mods with the hundreds of billions we gave to the banks (whose execs are all getting their bonuses and flying in private jets but no one minds when they do it, must be the Brooks Bros. suits that make it seem hunkey-dorey, maybe if we dress our line workers up the GOP Senators will let them have a living wage..HA!)..we will have to wait for PEBO and Barney Frank to implement HOLC..
Yay HOLC..gimme an H! gimme an O! gimme an L! gimme a C! what’s that spell? AVOIDING A DEPRESSION! YAY TEAM!!
A musical parody of the traditional song “Go Tell It On The Mountain,” about the bailouts and the TARP. From the VERSUS Holiday Songbook. For this and many more great political musical parodies, visit VERSUS — where politics and culture do their time in rhyme — at http://versusplus.com...
Walking in the cinders of Ayn Rand, BWAAAAHAAAAHAAAA!!
A musical parody of the Smith/Bernard song “Winter Wonderland,” about the legacy of Alan Greenspan. From the VERSUS Holiday Songbook. For this and many more great political musical parodies, visit VERSUS — where politics and culture do their time in rhyme –
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U2 “Baby Please Come Home”
Death Cab for Cutie courtesy of Nanalew:
and Darlene Love :0) :