I don’t normally watch CNBC (unless Rick Santelli on YouTube counts), but I was downstairs tidying up a bit around the bar and flipped it on, only to find out that Maria was going commercial during Closing Bell. It only took an hour for the Dow to go from down 350 points to its close of 512 points down, and even Bob Pisani couldn’t think of anything positive to say. Here’s what it looked like by the time I got back to the office.
Yes, even gold went down today, the selling apparently a result of margin calls on everything else, a development that is frighteningly similar to late-2008. Tomorrow’s labor report better provide an upside surprise or two, or everyone’s summer vacation is going to be a little less fun, because that certainly was not fun today.
![[Most Recent USD from www.kitco.com]](http://www.weblinks247.com/indexes/idx24_usd_en_2.gif)
Tim,
Whattayamean it wasn’t fun???!!!
Those of us sitting in cash, bonds and gold did pretty well today.
Today’s “sell-off” in Gold took it all the way back to where it was (Gasp!) two days ago.
UUP up 1.57%, TLT up 3.56% while gold was only down .53%.
The gains in cash and bonds far more than makeup for the small loss in gold.
Of course, today would have been REALLY fun if I’d had the guts to go short after yesterday’s fakeout rally..
“Whattayamean it wasn’t fun???!!!”
Silver and mining stocks weren’t fun today…
I feel your pain Tim.
After some bad experiences in mining juniors a few years back, I’ve decided to steer clear of all equities, and invest instead in physical metals and (Gulp!) leveraged gold/silver funds.
Days like today show that gold and silver mining stocks can behave just like all other equities in a market rout.
Baby; meet bathwater…
I own far, far more gold and cash than mining stocks or silver, but, on days like today, those big losses on small percentage holdings are still killers.
I bought a little bit of spy at the close today; my first purchase since March of 2009. I figure there may be another 10% down over the next couple of months. I doubt we’ll see anything like 2008 again, but who knows.