New Year, Same Problems
04/January/2008 05:18 PM Filed in: Precious
Metals |
Financial
markets
Good Friday metal bugs. We are back from our
holiday hiatus and hope yours was enjoyable.
As we predicted Gold (and the other metals) have charged forward. Spot Gold hit a record high Thursday of $869.05/oz. and is speeding ahead toward its next target of $900. In the short term though, look for profit taking to push Gold back down. Spot Silver closed a bit lower today at $15.35/oz. Platinum has been making all time highs due to supply disruptions in South Africa. At one point today spot Platinum hit an all time high of $1,553.00/oz. Spot Palladium was down to $374.00/oz.
Today's December jobs report sent the equity markets tumbling. Employers added 18,000 jobs to their payrolls last month, well short of the forecasts for 70,000 jobs. This was the weakest monthly job growth since August of 2003. The unemployment rate rose to a 2 year high of 5 percent. This sent the dollar lower versus other major currencies.
Folks as each day passes the picture becomes clearer and clearer. The real estate crash is spreading like a virus. . The next domino to fall will be the credit card market as consumers are stretched to the limit. Foreclosures are at all time highs. Inflation and unemployment are increasing by the day The credit markets are still in danger of collapse.
The Federal Reserve is two steps behind the music. They can only exacerbate the problems. Central economic planning/intervention does not work and never will. We have no doubt that the next stage is recession, if not worse. Protect yourself now while you still can.
Until next week. Trade safe.
As we predicted Gold (and the other metals) have charged forward. Spot Gold hit a record high Thursday of $869.05/oz. and is speeding ahead toward its next target of $900. In the short term though, look for profit taking to push Gold back down. Spot Silver closed a bit lower today at $15.35/oz. Platinum has been making all time highs due to supply disruptions in South Africa. At one point today spot Platinum hit an all time high of $1,553.00/oz. Spot Palladium was down to $374.00/oz.
Today's December jobs report sent the equity markets tumbling. Employers added 18,000 jobs to their payrolls last month, well short of the forecasts for 70,000 jobs. This was the weakest monthly job growth since August of 2003. The unemployment rate rose to a 2 year high of 5 percent. This sent the dollar lower versus other major currencies.
Folks as each day passes the picture becomes clearer and clearer. The real estate crash is spreading like a virus. . The next domino to fall will be the credit card market as consumers are stretched to the limit. Foreclosures are at all time highs. Inflation and unemployment are increasing by the day The credit markets are still in danger of collapse.
The Federal Reserve is two steps behind the music. They can only exacerbate the problems. Central economic planning/intervention does not work and never will. We have no doubt that the next stage is recession, if not worse. Protect yourself now while you still can.
Until next week. Trade safe.
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