Tuesday, Aug 12, 2008
It was a dramatic week in the markets last week
SOTT: Signs Economic Commentary for 11 August 2008
Summary: It was a dramatic week in the markets last week, with gold falling 6% against the dollar, oil falling almost 9%, and the dollar gaining 4% against the euro. The dollar's strength was attributed to the realization that the whole world will share in whatever downturn is facing the United States.
Posted by malct @ 12:28 PM (340 views) Add Comment
2 Comments
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1. harold said...
"The dollar's strength was attributed to the realization that the whole world will share in whatever downturn is facing the United States..."
and absolutely humungous Central Bank intervention. The dollar rally will last about as long as cheap lipstick at a tarts and vicars disco, IMHO.
2. plato said...
These times are very dramatic indeed and as I said before : We are in the midst of summer holidaying. A comparatively quiet period.This winter is looking as though it's going to be truly 'volcanic.'
Now we have managed to awaken the sleeping Bear,as if we haven't got enough problems to deal with. This is one step too far though and it's going to create even more volatility. In view of this no one knows where the dollar is heading. Looks to me like all major currencies are going downwards,only some faster than others.