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Gold Holders Beware!
The worst possible news for gold hit this week when the Wall Street Journal ran an op-ed piece touting the metal’s virtues. Famed equity strategist, Christopher Wood, in a piece entitled “The Fed is out of Ammunition” concluded by stating the following:
“…the present crisis in the West will ultimately end up discrediting mechanical monetarism — and with it the fiat paper-money system in general — as the U.S. paper-dollar standard, in place since Richard Nixon broke the link with gold in 1971, finally disintegrates.
“The catalyst will be foreign creditors fleeing the dollar for gold. That will in turn lead to global…
26Nov2008 | Oxbury Research | 0 comments | ContinuedGlobal Investing Roundups
Jobless Claims Rise to 516,000; Wal-Mart Earnings Soar; Intel Lowers 4Q Forecast; Urban Outfitters Clocks $59 Million 3Q Earnings; Budget Deficit Hits Record High; Volatile Crude Climbs 3.7%; U.S. Steel Lays Off 677 NA Employees;
- Initial jobless claims jump to their highest level since 9/11, rising 32,000 to 516,000 in the week ended Nov. 8, the Labor Department said yesterday (Thursday). The total number of people collecting unemployment benefits is at the highest level since 1983, CNNMoney.com reported.
- Despite consumer spending dropping 3.1% in the third quarter, Wal-Mart Stores Inc. (WMT) beat estimates by reporting a 9.8% gain in third-quarter profit. The…
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