Wednesday, October 22, 2008

Capital Economics analysts predicted that sterling would drop down to $1.50 against the dollar in th

The pound suffered its biggest fall since the aftermath of Black Wednesday in 1992 after the Prime Minister and Governor of the Bank of England warned that the UK is entering a recession

Sterling plummeted by almost 6¼ cents against the dollar as investors abandoned the UK currency after the warning, originally delivered by Mervyn King on Tuesday night. The pound ended the day worth just $1.6334, compared with almost $1.70 the previous close

Posted by big chris @ 11:54 PM (812 views)
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5 thoughts on “Capital Economics analysts predicted that sterling would drop down to $1.50 against the dollar in th

  • big chris … was this just a late posting? We dealt with this throughout yesterday. I dont think Cap Economics were the only ones. Mountain Goat predicted this and a few others on here. I personally was looking for a break of 1.84 to get there but sadly for my bank account, i got bear squeezed!

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  • planning4acrash says:

    Just went to bullionvault.com to see how gold is doing, their server is down! Swamped by Johnny come lateley’s?!

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  • p4ac – spot is 730 bumping along the bottom of a downsloping trendline. Been to 720. So for you is that Johhny come latelys selling? Cause i always thought JCLts bought at the top and sold at the bottom ??

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  • The newsworthy point is to try to understand why the Governor of the Bank of England has to say this for it to occur?

    The current level of Sterling is but a temporary holding point.

    Capital Economics were not the only ones, but just like the credit ratings system we have “authorised” and “qualifed” people who are normally the last to say anything who are the ones that are allowed to pronounce.

    These are the only ones in the stable who are allowed to be quoted as saying something will happen by the conventional press.

    If we start allowing anybody to be right – it might challenge a few things that people don’t want to think about. Fortunately they will be forced to do so.

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  • Talking of gold- has anyone else noticed that platinum is only about 10% more expensive than the yellow stuff (and dropping)? It indicates to me that once the financial turmoil disappears then gold could drop by at least a third to reflect the other precious metal costs.

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