Gold Price Close Today : $909.00
Change: $44.30 or 5.1%
Silver Price Close Today : $13.400
Change: $0.975 or 7.8%
US Dollar Index Today: 76.29
Change: -1.44 or -1.9%
Yesterday the Nuthouse became even nuttier, as -- sniff, sniff! -- poor ol' Morgan Stanley & -- sniff! -- Goldman Sachs threw in the towels on being investment houses and became bank holding companies, "ending an era." Yes, indeedy, the "era" where Goldman Sachs floated billions of toxic mortgage backed securities. But the two sadly saw that unless they became bank holding companies, there was no way they could suck at the $700 billion government bailout trough, so they swallowed the bitter pill & shouldered in amongst the rest of the slop hogs.
This is more food for us, the Mushrooms. I never heard such hogwash in my entire life. Are Americans really stupid enough to swallow this stuff, the e. coli 0157 of press releases? And how about that Hank Paulson still telling us how good it is for us to bail out "our" banking system. He must have a mouse in his pocket, because WE don't have any stake in the banking system.
Ned Schmidt of the Value View Gold Report described the bailout this way: The banks go to Las Vegas to gamble. If they win, they keep the profits. If they lose, the government takes the losses.
Today the market pushed a finger clean through the wet cardboard screen the government has thrown in front of the US Dollar & Stocks. Stocks made a stunning reversal downward when they hit their 50 DMA at 11,392, dropped 373. Dow remains firmly in a down trend, lower prices coming. Dow in Gold Dollars has fallen again to G$252 (12.190 oz), about an ounce above the last low, and falling.
The US DOLLAR INDEX fell a colossal 144 basis points today, the largest one day drop I believe I have ever seen. At 76.294, the buck is not far above its 50 DMA (75.84) and 200 DMA (74.45). Falling through them can only leave the dollar's late rally to be interpreted as what it is, a bear market rally. All the indicators point down.
