Top Ten Commercial Real Estate Busts

A report at CNN/Money recalls the ten biggest U.S. commercial real estate busts over the last few years, the $3 billion Stuyvesant Town & Peter Cooper Village along with the $2.9 billion General Motors building, both in New York City, topping the list. Further down are casinos, insurance buildings, and the like, the Maui Prince Resort in beautiful Hawaii shown below succumbing to the same fate as the other nine.

It’s hard to get too excited about such places like the Watergate Hotel in Washington going belly-up, but, when hotels in the tropical vacation paradise start going under, that’s real cause for concern. Not long ago, according to this story at HousingWire, the folks paying the bills for the Four Seasons Maui missed a mortgage payment or two and their future is now in doubt too.

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GLD Inventory Hits Record High

A new high for the “tonnes in the trust” at the popular SPDR Gold Shares ETF (NYSE:GLD) seemed about as inevitable as Dow 11,000, the former occurring yesterday with the latter likely for today. Yesterday, the GLD ETF added 9.7 tonnes, the biggest one day gain since last September, bringing its total holdings to a record 1140 tonnes.

You may now begin adding comments on such subjects as GLD actually having no gold and this particular ETF being one more grand scheme to defraud the public, but, before you do, you might want to read this commentary by  Adam Hamilton.

Full Disclosure: Long gold coins and GLD at time of writing.

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