Daily Investment Interpretations
November 8, 2010
The markets closed down just a trifle today. The NASDAQ Composite added 1.07
to end the day at 2,580.05 The Dow slid 37.24
to close at 11,406.84,
and the S&P 500 slipped
to end at 1,223.25. Oil rose to $86.89 a barrel, and Gold
hit a new high of $1,409 on expectations of a falling dollar. The VIX
rose 0.03 to
Euro zone murky again Portugal and Ireland are back in the news.
Cost of insuring Irish debt hits record high It's at about 6%.
Greece dodges bullet
Gold's a good anchor This is an interesting article. "The president of the World Bank said in a newspaper editorial Monday that the Group of 20 leading economies should consider adopting a global reserve currency based on gold as part of structural reforms to the world’s foreign-exchange regime." What's interesting about it (to me) is that it seems to be aiming at replacing the dollar as the world's reserve currency, undercutting the United States' primacy as the sole supplier of the reserve currency.
Not just inflation fears boosting gold: Brimelow Peter Brimelow suggests government manipulation.
China's sure bet (video) This year may be the first year that China spends more money on raw materials than it does on U. S. Treasuries. I think the idea is: who wants to own dollars if the Fed is going to debase them?
I've uncovered a "paper" concerning the lack of improvement in real median income since 1973. The "article" attributes the flatness of median income to artifacts of various kinds. (The author isn't claiming that there's been no income inequality problem: only that it isn't as flagrant as it's naively portrayed to be.) I haven't had time to fully digest it.