From the category archives:
I am seeing a flurry of stories that base metals miners are rushing to shut down. Just look at some of the headlines from the past couple days:
Zambian copper workers face layoffs … Indefinite shutdown for world top tantalum miner … Mwana Africa shuts Zimbabwe nickel mines … Denison Mines delays uranium project … [...]
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Deflationary forces are pushing the price of gold lower. However, beyond the short-term price for paper gold, some of the news is surprisingly bullish. I’m putting out an update to my recent gold report today, with some very interesting news on supply and demand. The director of the World Gold Council was [...]
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My MoneyandMarkets.com column today, Are Oil-Rich Sheiks Being Scared Into Gold?, is pretty bearish on everything but gold. That said, I also wouldn’t be surprised to see a broad market rally this next week. In 13 of the last 15 years, the week before Thanksgiving has been a positive one in the market.
And [...]
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The US is probably going to join the rest of the industrialized world in recession and all the bad news probably isn’t priced in yet. However, it would not be surprising to see a rally soon.
We’re approaching Thanksgiving. In 13 of the last 15 years the Dow has been up the week before [...]
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Today, the markets look to open lower as the parade of pain continues around the world. Japan has joined Europe in recession, President Bush lets slip that he is worried we are facing a depression “greater than the Great Depression”, and China’s consumption of commodities is running off the rails.
I’ll have links to [...]
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Yesterday we moved to the low end of the recent trading range, the 850 area of the S&P 500 (SPX) or 85 area of the SPY. Whether that constitutes a successful test of the area or not is an open question. Given that weekly oscillators reflect a deeply oversold condition, we may see a [...]
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The US government is bankrupting our economy by burning through hundreds of billions of taxpayer dollars in the form of bailouts to Paulson and Cheney cronies. American Express is getting bailout money?Seriously? American Express could vanish off the face of the Earth and we’d hardly notice. I think it telling though, that American [...]
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More on the China Stimulus Plan …
$586 billion is a massive number for an economy the size of China’s. Recall our first stimulus package here was $150 billion, and a second that is assumed to total $300 billion is under discussion. China’s economy on a purchasing power parity basis is estimated to be about [...]
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Today, copper prices fell the most in two weeks on speculation that the slumping global economy will continue to cut consumption of industrial metals. Yesterday was another story. Copper bolted higher by 3.2% after China announced a $568 billion stimulus package over the weekend.
But while China’s announcement gave the market an initial rally, it [...]
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Today I watched with morbid fascination as the price of oil hit a 21-month low of $59.10 only a few hours after trading above $65. The amusement came from the market’s realization that China’s $586 economic stimulus plan wouldn’t do squat to prop up weakening demand for crude.
Oil prices had also been supported two OPEC [...]
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