Saturday, August 29, 2009
In July, Vienna’s Erste Bank, released its 2009 Special Report on Gold, In Gold We Trust. The analysis of the current gold market and its future direction by Ronald-Peter Stöferle and his colleagues at Erste Bank is commendable both for its information and its timeliness; for, today, the future of gold is inextricably interwoven with everyone’s future—whether they know it or not.
The current economic collapse has its roots in a crisis caused by the decline in the value of paper money over time resulting from the removal of gold and silver from global monetary systems. Previously, for much of mankind’s history, money was gold and/or silver and its value was intrinsic and fixed. (more)
Jim Cramer, host of CNBC’s Mad Money, says the stock market rally will peter out before the Dow Jones Industrial Average breaks 10,000.
While the underlying economic fundamentals are strong, much of that is already priced into the market, he says. The Dow has soared 44 percent from its March low, trading at 9,531 Thursday afternoon.
“As we get closer to Dow 10,000, a level that I don’t think we’ll breech, I just can’t like the market as much as I do at Dow 9,000,” Cramer said on his show.
The only way the Dow will surpass 10,000 is if “we get all sorts of positive new information.” (more)