The JackAss & His Idiot: $110 Oil; $1000 Gold; 99 Yen per $ hurts Japan
The jackass & his idiot... Treasury Secretary Henry Paulson
reiterated support today for a "strong dollar" that reflects economic fundamentals,
after President George W. Bush yesterday said the U.S. currency's drop was not "good tidings." Meanwhile, back in the REAL WORLD...
Stop the Treasury presses... Gold rose above $1,000 an ounce for the first time.
Silver, platinum and palladium also advanced as the dollar dropped 1.6% to 99.77 yen, the lowest since October 1995 and to a record low against the euro.
In 1980, when U.S. inflation was running in the double digits and oil was climbing after a decade of Middle East instability, gold reached $850.
Gold has climbed 19% this year as the dollar fell and world equity markets declined.
The MSCI World Index, a benchmark for stock markets in developed nations, has dropped about 11% this year.
The UBS Bloomberg Constant Maturity Commodity Index of 26 raw materials is up 21% this year.
With crude oil now trading above $110, Mario Innecco, a futures broker at MF Global Ltd:
"The financial system's in trouble at the moment and people are going to the safety of gold.
You can't create gold so easily as you can create dollars or euros or pounds."
Gold's all-time inflation adjusted record is $2,224 on Jan. 21, 1980, according to a calculator
on the Web site of (IRONICALLY) the Federal Reserve Bank of Minneapolis.
Rising Sun Damaged... Toyota President Katsuaki Watanabe:
The yen's 24% gain against the dollar from a 4 1/2- year low on June 22 was unexpected and will damage earnings.
The yen has rallied 13% against the dollar since the Fed started to cut rates 09/18/07. Hattip to Bloomberg.
reiterated support today for a "strong dollar" that reflects economic fundamentals,
after President George W. Bush yesterday said the U.S. currency's drop was not "good tidings." Meanwhile, back in the REAL WORLD...
Stop the Treasury presses... Gold rose above $1,000 an ounce for the first time.
Silver, platinum and palladium also advanced as the dollar dropped 1.6% to 99.77 yen, the lowest since October 1995 and to a record low against the euro.
In 1980, when U.S. inflation was running in the double digits and oil was climbing after a decade of Middle East instability, gold reached $850.
Gold has climbed 19% this year as the dollar fell and world equity markets declined.
The MSCI World Index, a benchmark for stock markets in developed nations, has dropped about 11% this year.
The UBS Bloomberg Constant Maturity Commodity Index of 26 raw materials is up 21% this year.
With crude oil now trading above $110, Mario Innecco, a futures broker at MF Global Ltd:
"The financial system's in trouble at the moment and people are going to the safety of gold.
You can't create gold so easily as you can create dollars or euros or pounds."
Gold's all-time inflation adjusted record is $2,224 on Jan. 21, 1980, according to a calculator
on the Web site of (IRONICALLY) the Federal Reserve Bank of Minneapolis.
Rising Sun Damaged... Toyota President Katsuaki Watanabe:
The yen's 24% gain against the dollar from a 4 1/2- year low on June 22 was unexpected and will damage earnings.
The yen has rallied 13% against the dollar since the Fed started to cut rates 09/18/07. Hattip to Bloomberg.
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