Yesterday, US stocks went nowhere. But gold? It shot up $43 per ounce. If you’ve been following these diaries, you know why. Gold is not the only money. But it’s the only kind the works in our extended economy. Today, we approach the same story from a different angle.
Another lazy summer day. The Dow sold off a few pennies on Friday. Gold rose $8. The airport in Paris must be the most efficient in the world. Our cab drove up at exactly 6 a.m. By 6:04, we were having a cup of coffee, waiting to board the plane. In just four minutes, we’d gotten our ticket, been inspected...
We interrupt our regular programming to speak out in favor of Larry Summers; he is the perfect candidate to replace Ben Bernanke. Poor Larry… The critics are on his case. One called him a “high IQ moron.” No one likes to kick a man when he’s down. Unless the man on the ground is Larry […]
Another slow day on Wall Street. Stocks up a little. Gold down a little. A hot summer day. Ain’t nuthin’ goin’ nowhere. Except away. “Bernanke vows no retreat from easy monetary policy,” says the headline on the Financial Times this morning. “On to Moscow!” he might have added with flair… echoing Napoleon or Adolf. Easy […]
Once again, a lazy day on Wall Street. Dow down a little. Gold up a little. And bonds? It looks to us that the bond market has topped out. Some sovereign yields are up as much as 45% in the last three months. But we’ll have to wait to see – perhaps years – if […]
Investors are wilting. In these hot, hazy, humid days of summer, they are growing languid, squishy... and soft. They go to the beach. They think of other things. They read novels... or the mainstream press. Their brains turn to mush. There is little to report from yesterday's market action... which leaves us free to think about other things. What will we...
Is it a revolt?" Louis XVI asked the Duke de La Rochefoucauld. "No, sire, it is a revolution." We are already at the Ides of July. More than half of the year is already behind us. Friday, markets were flat. Neither gold nor stocks did anything worth reporting.