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Wednesday, November 28, 2007

Songs of the Doomed

#1) Does this news on Wells Fargo really surprise anyone? Especially because one talking head after another on CNBC has been telling us how smart Wells Fargo was to avoid this subprime fiasco ...

Wells Fargo Plunges into Mortgage Muck
SAN FRANCISCO (AP) -- After avoiding major trouble most of the year, Wells Fargo & Co. has finally bogged down in the mortgage muck that's muddying one major bank after another. Wells Fargo, the fifth-largest U.S. bank, waded into the mess by saying it will recognize $1.4 billion in losses in the fourth quarter on home equity loans that aren't being repaid as the real estate slump deepens in California, the Midwest and other major markets.

#2) Oh, and that OPEC hike we heard about yesterday that sent oil prices skidding? Don't hold your breath ...

Crude Oil Trades Little Changed as OPEC Ministers Downplay Output Increase Crude oil was little changed in New York as OPEC ministers said the group is doing all it can to control prices, countering reports of a plan to raise output.

#3) Will China unpeg its currency from the US dollar? You tell me. Obviously, the French have no clue ...

Trichet Says China May Let Yuan Rise; Wen Backs `Gradual' Changes to Rate European Central Bank President Jean-Claude Trichet said China may allow the yuan to rise more against the euro even as Chinese officials signaled faster gains are unlikely.

#4) You'd have to think this next piece of news would affect gold prices in a bullish way (less supply) ...

Gold Fields Says Output Halted at Africa's Biggest Gold Mine on Safety Gold Fields Ltd. said production at Driefontein, Africa's biggest gold mine, was halted because of restrictions imposed by a safety inspection ordered by the government after a fatal accident.

#5) Is Cameco suffering some weird kind of Egyptian curse? That's all you can think as ANOTHER of its uranium mines is facing hell or or high water ...

Cameco Reduces Mining at Rabbit Lake on Water Flows in Saskatchewan Mine Cameco Corp., the world's biggest uranium supplier, said ``temporarily reduced'' underground mining at its Eagle Point mine at Rabbit Lake in Saskatchewan because of an increase in water flows into the mine.

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