Fools rush in on April's fool day - gold and silver drops : Bad Credit Advisor

Fools rush in on April's fool day - gold and silver drops

Yesterday on April's fool day, gold and silver prices went down the drain while dollar went up. While some of it can be addressed by market manipulation and margin calls, meaning traders who lost money on stocks had to sell well performing gold and silver holdings to cover, many regular fools rushed to sell their meager platinum, gold and silver bullion and jewelry items. I saw them in a few of the coin shops, I went to check what was going on, The talk about stock and dollar bottom as well as gold, silver and other commodities hitting the ceiling and going straight down was prevalent. "You don't fight the Fed" murmurs were on the background. Meanwhile, I just read the headlines on Yahoo! Finance. See, I don't go by charts or by what someone on CNBC or CNN Money says, but by common sense and overall world situation, which is quite shaky today in each and every way. For me gold and silver are types of insurance policy for the rainy days, and if they go up, it is an added bonus. I will consider selling if gold hits $1,200 and silver hits $30. And even then I want to keep some. Back to the headlines and why in a world dollar went up, together with stock market.

Deutsche Bank Expects $4B Subprime Hit - still blaming sub prime

Gov't Report Forecast to Show 1.1 Percent Drop in Construction in Sign of Economy's Woes - if you think it is a bottom, you should have a mental check

Lehman to Offer Convertible Stock - raising 3 billion dollars, diluting earnings per share and committing more dividend payouts on these new 3.45 million shares, but stock jumped up

UBS Will Write Down $19 Billion - judging by market reaction it is just a puny change

USB deserves one more, this one is from Business Week - UBS: Is This the End of Writedowns? The stock rallied with the resignation of Chairman Ospel, but this optimism could be premature. A lot of rot may remain on the bank's books

Celent: 200,000 US Banking Jobs at Risk - that is quite telling

And some today's masterpieces -

Bernanke Warns of Possible Recession - I don't think the word 'possible' should be used, we are in recession, fools

Factory Orders Drop Double What Expected - those expectations, boy, you never know

National City Mulling Sale to KeyCorp - National City ... that would be a pity, another proof that credit/banking crisis spread well beyond sub prime.

Wed Apr 2, 2008 10:04AM by Tony | More in Personal Finance | Comments (0)

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