Posted on 02/11/2016 6:17:20 AM PST by blam
Akin Oyedele
Feburary 11, 2016
Here we go again.
Major global stock markets were sharply lower on Thursday, with US futures also deep in the red ahead of the market open.
Near 8:56 a.m. ET, Dow futures were down about 250 points (1.6%), S&P 500 futures were down 29 points (1.6%), and Nasdaq futures were down 60 points (1.5%).
Investors were piling into gold for safety, with futures up 3%, or a whopping $36.30 an ounce to as high as $1,231.50, the strongest in a year.
US Treasurys â another safe-haven asset â were also getting a huge bid, pushing the yield on the benchmark 10-year note down 12 basis points to as low as 1.581%, a level it most recently touched in late 2012.
Later Thursday, Federal Reserve Chair Janet Yellen will continue her semiannual testimony on Capitol Hill.
On Wednesday at her first appearance, Yellen noted that the Fed was closely watching developments in financial markets and foreign economies for possible downside risks to the economy. She did not rule out or confirm an interest-rate hike in March, but she said the Fed was willing to slow down its path of rate increases if the economic data indicated doing so would be appropriate.
In all, her assessment of the economy was more or less unchanged: The economy is still expanding at a moderate pace, and the labor market is robust.
(snip)
(Excerpt) Read more at businessinsider.com ...
I guess they don't read Free Republic where we're constantly told that you can't eat gold.
I'm waiting for a good deal.
I prefer brass and lead... Can’t eat those either but with a little of the right powder, you can use them to shoot something you can eat.
This really sucks now! Enough of this chit! Thanks bastard Chinese!!!
Thanks blam.
The Chinese are buying gold like there’s no tomorrow!
wait....
I can't imagine why investors don't believe her.
Gold’s entire “1 year” gains have happened in just 6 weeks
Nothing like a discussion of negative interest rates by the FED Chair to inspire confidence, eh?
10-year rates are plummeting this morning. What a great time to buy a home (if you plan on holding it for a long time)
Has Obama finished his economic victory lap yet? Just wundering.
is it also time to refinance?
It looks like the whole world is in or headed for depression.
Won't house prices tumble as well?
This rate selloff could continue for quite some time. There is talk of "negative interest rates," which sucks for savers but is a dream for refinancers.
And meanwhile, the leading candidates in the presidential race are running on starting a trade war (Trump) and dramatically increasing taxes on investment, job creation and growth (B&H). If we are not careful, we will get what we deserve, good and hard.
But, but OIL is at $26.60 though!! Imagine how cheap it will be to move when the foreclosures start again!
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