Gold going vertical again….and you know what that means….
GOLD hit an all time high..again….1237.90 now…let’s switch Bond theme songs…
GOLD traded overnight over 1240! yowsa! probably get a pullback soon but as insurance against devaluing dollars it is still IMO a must for 20% of your holdings, hard gold not ETFs, and a safety deposit box at the bank!
Update: 11:30am EST: Gold just broke $1200! 1200.3 , wow. Dollar is falling and stocks are up again, ignoring the reality that this is very bad for our economy long term a weak currency, DOW up 130 to 10,474.70…keep printing that money
And you know what that means! It’s Shirley Bassey Burl Ives time!!
Airtime: - Fri. Nov. 13 2009 – 5:05 PM ET
Discussing Obama’s plans for Asia, with Andrew Busch, BMO Capital Markets; Stephen Moore, Wall Street Journal editorial board; Zachary Karabell, Rivertwice Research
Update 2: US Dollar hits a 15 month low, this as Geithner said in Tokyo today that we fully support a strong US Dollar. I wonder if he got more laughter? He has been ham handed on Dollar policy since March.
The dollar dropped to a new 15-month low as the the euro rose above $1.50 Wednesday morning, even as Treasury Secretary Timothy Geithner reiterated the administration’s stance that a strong dollar is good for the U.S. economy.Geithner, in a speech in Tokyo on his way to a summit of Asian finance ministers in Singapore, also said low interest rates and other government supports for the economy were still needed.
The expectation that the Federal Reserve will keep the key U.S. interest rate near zero has been weighing on the dollar. Higher interest rates make a currency more attractive for investors, since bets made in that currency can earn higher returns.
Against a basket of six major currencies, the dollar hit a 15-month low of 74.775.
“The momentum and the conviction that the Fed will not raise rates any time soon, coupled with the fact that the major central banks continue to provide liquidity liberally” means the “fundamental force” weighing on the dollar will persist, said Brown Brothers Harriman analyst Marc Chandler in a research note Wednesday….
China is making noises about letting the Yuan rise. This would be helpful to all the other economies whose exports are suffering as we let our dollar fall, they are trapped while the Yuan is pegged. Let’s see what shakes out. IMO it is a bad sign for the doollar. This would have been GREAT 5 years ago. Now it is a commentary on the weakness of our currency.
China sent its clearest signal yet that it was ready to allow yuan appreciation after an 18-month hiatus, saying on Wednesday it would consider major currencies, not just the dollar, in guiding the exchange rate.
In its third-quarter monetary policy report, the People’s Bank of China departed from well-worn language on keeping the yuan “basically stable at a reasonable and balanced level.” It hinted instead at a shift from an effective dollar peg that has been in place since the middle of last year…
Goooooooooold hit ANOTHER high now up $7.5 to $1103.2, you know what that means…it’s Bassey time!
See Zombie Bull Ride.
Ride Zombie Bull Ride.
Who will catch the US Dollar when Zombie Bull realizes he cannot afford to buy feed with his devalued currency?
American minds want to know. Since we LIVE in, you know, the dollar.
Moron market thinking really short term I do not see the future gazing markets of my youth at play here.
DOW about to close up 188.71 now 10,212.13
S & P up 21.85 – 1091.15
NAS up 37.06 to 2149.50
and of course all due to the US Dollar hitting a recent low IMO. 10 yr 3.48% Oil is up $1.75 to $79.18
Update: .DXY (US Dollar Index) 75.04
Great debate! Rickster and Steve goin at it. Larry tells Steve he is drinking the Fed koolaide, BWAAAHA!! I agree with Rick and Larry (not surprising since they both express concern for the ‘common man’ that’s the koolaide I drink, LOL!) Stay tuned to the very end for a GOLD forecast.
Discussing whether the Fed is headed in the right direction, with Frank Holmes, U.S. Global Investors; David Goldman, First Things Blog; CNBC’s Steve Liesman & Rick Santelli.