It was an exciting day for silver early on, the metal poking its head above the $20 an ounce mark for the first time since March of 2008 – not once, but twice - before dipping back down to the high $19 range where it seems likely to end today.
The move up was no doubt spurred by the $12 surge in the gold price just after markets opened in New York as discussed in this item from earlier today and, when the yellow metal failed to add those gains, silver traders probably looked at each other as if it had just gone silent in a game of musical chairs. Tomorrow is another day…
A LAWSUIT accuses Citibank of costing a 104-year-old heiress’ trust fund up to $US80 million ($87 million) by failing to invest its money properly, the New York Post reported overnight.
What’s amazing about this data is the 35-49 age group where decades of conditioning that your best bet is “stocks for the long run” appears to have produced a nearly unshakable belief system. Even after ten years of dismal returns for equities (with the notable exception of gold stocks), Wall Street and the financial media should give themselves a pat on the back for being so successful in their efforts to convince the public that stocks are still a good bet despite the overwhelming evidence to the contrary.
The nation faces a nasty dual deficit problem: a painful jobs deficit in the near term and an unsustainable budget deficit over the medium and long term. This month, the Senate will be debating an issue with significant implications for both — what to do about the Bush-era tax cuts scheduled to expire at the end of the year.
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