Posted on 05/14/2010 11:59:52 AM PDT by Mad Dawgg
NEW YORK – Stocks dropped again Friday after concerns grew that the deep spending cuts under Europe's bailout plan could slow a global recovery. The euro dropped to a 19-month low.
The Dow Jones industrial average fell 215 points in afternoon trading following a slide of more than 3 percent in European markets. Investors seeking safety piled into Treasurys, the dollar and gold, which hit another record. Crude oil sank 4 percent, and an indicator of stock market volatility jumped.
Currency traders have been moving out of the euro throughout the week because of concerns that cost-cutting measures in countries like Greece, Spain and Portugal would slow economic activity on the continent and elsewhere. Now stock investors are also looking at those same problems.
(Excerpt) Read more at news.yahoo.com ...
0bamao said the recession was over - I guess this is the start of the depression.
Last year I laughed at a friend who told me Gold would be over 2000 by the time of the next Presidential Election.
Now I am wondering if his estimate is going to be too conservative.
I hear talk of Gold at 3K soon.
Man I wish i Had about 100 lbs of it right now!
But oil was down. That’s good.
“Crude oil sank 4 percent”
WOO - HOO! Not gonna be stuck at home this summer!
I just checked with the White House Help Line and their answer for this bad news on the stock market (and the unemployment numbers and the oil spill in the Gulf, and... "ad infinitum ad nauseum"...) is that its Bush's Fault.
Strong Dollar means expensive exports. Dead Euro means no overpriced foreign currency to buy American exports. Lower oil prices won’t help.
Soros and the Chinese are laughing at Obama and the socialists in Europe.
I bought gold options last week. :-)
10,580.10
-202.85 (-1.88%)
Real-time: 3:14PM EDT
http://www.google.com/finance?client=ob&q=INDEXDJX:DJI
Invested in Gold and Silver when Obama took office.
I’d rather be lucky than good any day.
The global economy at work. Interdependence means we all drown together
Silver’s up nearly 39% in the last year.
Growth? As in the massive, cancerous tumor of socialism enveloping the entire continent? That growth? And now they are worried about it?
Well, now that Zero has given the oil companies a well-deserved spanking, everything should be fine. Too many negative people selling stocks, that’s the problem. They need to lighten up and embrace the hope and change!
/sarc
“Visa Inc. fell $3.59 to $77.14 and Mastercard Inc. fell $21.58 to $210.73 after the Senate vote to curb fees on debit cards”
Good job Democrats.
gold will be confiscated by the government real soon...
it will be better to invest in lead.
teeman
The gov't can't even get the drugs out of the hands of a bunch of laid-back, lazy pot-heads. How on earth are they going to confiscate gold & silver from 80 million vigilant, resourceful, and gun-owning Americans? The only gold that has ever been confiscated is that stored by third party storage programs. The federal government doesn't have the resources or the wherewithal to take all the gold & silver out of the hands of individual Americans. Ain't gonna happen.
Did once before....
FDR *tried* once before in 1933. No one who owned and held it in their own possession was forced to surrender it. A few people voluntarily sold theirs to the gov’t. The attempt was a failure. Today, the real threat of government confiscation is inflation.
i hope you’re right... but who would’ve thought that a communist would be in the white house...
ain’t gonna happen is a nice thought... hold on to that.
teeman
When everything is too expensive to buy, businesses will lay off people and people will realize they can't afford even the basics. That is what follows inflation. It's called a depression. The next administration will inherit the depression. They will have to immediately cut off all social programs and only maintain the basic Federal expenses like the military. It won't be a pretty sight. I hope whoever is elected can stay in power if they take the bull by the horns and do what has to be done.
Well what did you expect? The economy is now completely socialist.
It’s gonna be a roller coaster. Make sure your seat belt is fastened low and tight...
You a fan of fees for nothing imposed by monopolies running around as oligopolies?
Yet gold is as far as I know impervious to inflation. Its role seems to be to tell us what the real value of our dollar is!
Be wary of big Friday sell-offs. That was a big part of the manufactured crisis of September-October, 2008.
lol, you are funny !
i wish i had just 99 lbs .
could you pls. tell me how much did you pay for one ounce of gold ? (included tax)
I didn’t buy gold itself, but options on a gold fund. It’s like a mutual fund, but it is invested in gold instead of stock. The symbox is GLD, you can look it up. The shares prices of the fund track the price of gold, because each share of the fund actually owns about a tenth of an ounce.
I bought options on the fund instead of direct shares. This is what I usually do. Options are highly leveraged. The morning I bought the options the fund was trading at about $117 a share. The particular option I chose cost me $11.60 a share.
Yesterday the fund closed at $120.14, an increase of 2.7% over the point last week at which I bought. The options were at $12.75. An increase of 9.9%.
Not bad for a week, but I’m holding on for a while. I expect we’ll see gold go much higher. With people rightfully afraid to put their money in either stocks or bonds, they have to put it somewhere. When countries default or inflate to get out of their debts, gold will be driven up.
Meltup
http://www.youtube.com/watch?v=eb1n1X0Oqdw&feature=player_embedded
recent silver articles via keyword “silver”, these ought to take the edge off
http://www.freerepublic.com/focus/chat/2514527/posts
http://www.freerepublic.com/focus/f-news/2513236/posts
http://www.freerepublic.com/focus/f-chat/2513146/posts
http://www.freerepublic.com/focus/f-news/2512061/posts
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.