The Euro goes into free fall. The Dow futures are down 200, gold is off $75, and Treasuries have vaporized. Better get some sleep. It looks like tomorrow is going to be a busy day. Does anybody want my job?
Gold bullion continued to trade in a range bound fashion around $1,758 per ounce - 8.3% above where it started October - following the release of US nonfarm payroll data, which showed the US economy added 80,000 jobs last month.
Gold remains well bid above the $1,800/oz level as value buyers continue to diversify into safe haven bullion due to the real risk of contagion in Europe and globally. Yesterday's rise suggests that gold may be bottoming after a brief correction.
The dollar gold price fell to $1,542 per ounce Wednesday morning in London - still above where it started the week, and 2.2% off last month's record - while commodities fell and stocks were mixed after Greece's prime minister survived a confidence vote.
Gold prices traded in a tight range around $1,537 per ounce Monday morning in London while stocks and commodities fell and US Treasury bonds rose after eurozone finance ministers delayed a decision on financial aid for Greece.
Gold prices fell on Monday morning in London, hitting $1,525 per ounce - 2.3% off last month's record high - while stock markets were flat and commodities mixed, as ongoing economic woes prompted talk of a worldwide "perfect storm."
What this Euro-TARP does is take money from mostly good credit and give it to weak credit. It will crowd out private savings that go into private enterprise and put it to unproductive uses in the government debt of weak countries.