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 ...
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
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