Charts -- Oil and Gold Blast Off!
I posted this on my blog this weekend, but just in case you didn’t see it …
Fortis Expects Complete Breakdown of the American Financial Markets Within Days or Weeks
RUSSEL/AMSTERDAM (DFT) - Fortis expects a complete breakdown of the American financial markets within days or weeks. This explains, according to the bank insurer, the series of interventions on Thursday with the aim of strengthening themselves by € 8 billion. "We are ready at the last moment. The
In other news …
Oil Rises to Record Above $143 on Concern Iran Supplies May Be Disrupted Crude oil rose to a record above $143 a barrel on speculation the dispute over Iran's nuclear program may disrupt supply from OPEC's second-largest producer.
XX Sean’s note – yeah, that’s really the reason. “Concern.”
"The current market turmoil is without precedent in the postwar period. With a significant risk of recession in the
, compounded by sharply rising inflation in many countries, fears are building that the global economy might be at some kind of tipping point," it said. US
Gold may extend gains as the European Central Bank prepares to raise borrowing costs on July 3, pushing the dollar lower against the euro, said Manqoba Madinane, an analyst at Standard Bank Group. The
“Since President Bush came to office, our national savings have gone from 6 percent of gross domestic product to 1 percent, and consumer debt has climbed from $8 trillion to $14 trillion.”