Financial Postmillenialism

Gold gains...

2008-11-07T07:39:00.000-08:00

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The dollar fell against the euro and the British pound after the Labor Department reported the U.S. economy lost 240,000 jobs in October, compared with a 210,000 loss expected by economists. Dollar-denominated gold prices and the greenback tend to move in the opposite direction.

Gold for December delivery rose $5.80, or 0.8%, to $738 an ounce on the Comex division of the New York Mercantile Exchange. The metal had lost $25 in the previous two sessions.

Gold is now set to end the week up for the first time since Oct. 10.

While the dollar's latest strength has been impressive, it "will again come under pressure once this period of massive global deleveraging is over," said Mark O'Byrne, executive director at Gold and Silver Investments.

In Friday's report, the Labor Department also said the U.S. unemployment rate jumped to a 14-year high of 6.5% last month. Economists surveyed by MarketWatch thought the jobless rate would rise to 6.3% from 6.1% in September.

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http://www.marketwatch.com/news/story/gold-rises-first-time-three/story.aspx?guid={857B6B33-D192-4527-84C6-6EF0D51F07B0}&siteid=yhoof

Socialism?

2008-11-07T07:36:00.000-08:00

roller coaster times...

2008-11-06T11:12:00.000-08:00

Oil prices unaffected

2008-11-06T11:08:00.000-08:00

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But what the elected president does to those supply and demand fundamentals in the longer term is what the market should be looking at, some oil analysts said.

"Oil prices are driven by macro-economic factors such as supply and demand, the health of the global economy and the strength of the American dollar," said Mark T. Williams, a risk management expert and finance professor at Boston University. "Politicians and their policies directly influence all three of these economic drivers

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taken from the following article:

http://www.marketwatch.com/news/story/election-jitters-likely-long-term-effect/story.aspx?guid={16E68C11-7DCF-465B-A54D-DF6D1ABAEF28}

Market continues slide...

2008-11-06T10:53:00.000-08:00

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On Wednesday, Wall Street plunged as investors again considered how difficult a U.S. recession President-elect Barack Obama will face in January when he is sworn in. After a string of huge gains in stocks, jitters returned to the market, driving the Dow down nearly 500 points. All three major indexes dropped more than 5 percent.

The latest round of economic worries largely overshadowed interest rate cuts by central banks in Europe as stocks there tumbled after the moves. The Bank of England slashed its key interest rate by a bold 1.5 percentage points Thursday; the Swiss Central Bank cut its own key rate by a surprising half-point; and the European Central Bank lowered its key rate by a half-point.

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this was taken from this AP article: http://biz.yahoo.com/ap/081106/wall_street.html

Is Obama good for the market?

2008-11-05T23:02:00.001-08:00

"Obama's victory means that industries such as oil and gas producers, utilities and pharmaceuticals may face greater regulation and even taxes, while labor unions and automakers are expected to benefit.

In addition, banks, insurance companies, hedge funds and the rest of the financial sector will almost certainly face attempts at a regulatory overhaul by the Democratic Congress next year.

Among financials, Goldman Sachs fell $7.57, or 8 percent, to $87.43. Citigroup fell $2.05, or 14 percent, to $12.63, while Bank of America Corp. dropped $2.78, or 11.3 percent, to $21.75.

Other sectors that are being closely watched in light of the election results are pharmaceuticals and alternative energy, analysts said.

Merck & Co. fell $2.41, or 7.7 percent, to $28.72. Pfizer Inc., meanwhile, dipped $1.09, or 6 percent, to $17. SunTech Power Holdings Co. was among the alternative energy stocks that declined, falling $6.82, or 21.5 percent, to $24.88."

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This was taken from the following AP article:

http://biz.yahoo.com/ap/081105/wall_street.html

It's been a long time since we saw this...

2008-11-05T22:56:00.000-08:00