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Gold, take the night off - you're starting to scare me
Tuesday, November 06, 2007
You've had a good couple of months, you've started off the week well by blasting through the $800 mark, but, to be honest, this latest move in Hong Kong is starting to scare me.
8 comments:
Gold? Hell, look at the U.S dollar index (NYBOT:DX). The downslope is getting logarithmic. Yikes! $4 gasoline and $5 heating oil should make for a very interesting Presidential primary season. I'll make popcorn.
Tim, my thoughts exactly. And it's "worse" with the miners - GDX up 56% since the end of August, for an annualized return of 1,029%. Can you say Zimbabwe?
This is starting to look like it will get out of control ... with the Fed just watching or throwing more fuel on it. It's either you have debt bombs going off all over taking down major banks and financials (like GM's $39B - that 2X their market cap and just the beginning of the price discovery process), or you have the dollar taking a very serious dump. It loses 50%-70% of its present value by the time all is done, imo.
I think gold just wants to make a new all-time nominal high before oil makes a new all-time inflation-adjusted high.
dollar crashing...chinese banks dropping dollars,what would one expect gold, oil and the markets to do??
personally, I thought chinese would wait until after olympics, but losing 10% a year on dollar holdings aint going to get better and the longer you wait to rid the reserves the more its going to cost you...
US is so screwed on so many levels with Bernake over his head and Paulson cluless. Wrong people in charge at the wrong time. perfect storm of fianancial crash
It is amazing that american's don't trust Bush, but actually listen to the smoke the Chinese say about currency.
For the most part, there hasn't been much if any strong dollar rhetoric during this recent slide. I think that is significant.
The week dollor is having bad affect overall around the world. Because oil is traded in dollors, the prices are going higher all the time. But this might be good some othe countries as they get more dollor worth for their money
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