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VERY MODEST GOOD NEWS
I can see some – albeit very modest – improvement for the US stock market. For one, it appears that the slowdown and problems in other economies, such as the UK (a disaster waiting to happen), Italy, Spain, and Ireland, are even greater than in the US. Also, since numerous emerging stock markets have underperformed the US this year, some money is likely to be repatriated from countries such as India and China, where stock markets are down approximately 40% year-to-date. We should also consider that, as Joachim Fels noted, “Fifty of the 190 or so countries in the world…
7Aug2008 | Daily Reckoning | Comments Off | ContinuedInvesting in Gold
Waiting for Gold’s Next Rally
Last week we saw a bounce in the stock market that threatened to send the price of gold down to the $920 mark. After a lightening advance celebrating the approval of the quasi-nationalization of America’s too-big-to-fail mortgage providers, the market caved on reports of continued stress in the homebuilders.
The Dow gave back almost five days’ worth of gains in one fell swoop.
So should we not have seen a better bounce in gold? Maybe it’s too early to call the Dow.
Further weighing on gold prices were a lifeless bounce in oil and the market’s shift in focus…
30Jul2008 | Whiskey and Gunpowder | Comments Off | Continued
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