Cornwall ON – Gold has hit a new record as European markets shrink amid further recession fears. This amidst drops in the Pound and edging still downwards of the Euro. Oil is also flat and the BP situation also is causing a lot of concerns not only for the loss of revenue, but issues of possible new regulations and cost to drilling.
In the US, markets had their worst two day drop in over a year led by tech giants Apple and Google
Financial stocks turned lower as the U.S. panel investigating the causes of the financial crisis issued a subpoena to Goldman Sachs after the Wall Street firm failed to hand over documents in a “timely manner.”
So how’s your investment portfolio doing? We’re going to ask a local expert to join us shortly on Seawayradio.com to talk about money and how to surf through these choppy financial time.
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I am up a few thousand dollars from when this crisis started in the fall 2008. Basically because I shifted toward precious metal after it hit the fan. It is not so much the price of gold increasing, but rather the purchasing power of fiat currencies is decreasing with all the money printing.
Glassbowl I believe you have to use that currency to purchase the gold, right? What was done with the price of oil I think should be considered a crime against humanity. It gouged millions of people and tipped the economy into recession triggering the housing bubble’s burst as well.
Between the US war in Iraq, oil price fixing, and other machinations it’s been a gross offence to societal health and wealth world wide. Pensions have been destroyed and many people who worked their lives towards a simple dream of retirement will now have to live a state subsidized nightmare.
I disagree on a couple of points
– I don’t think the oil price fixing caused this mess. Sure they are crooks, but the mess was caused by banks making insane loans.
– I don’t think people will have to live with a state subsidized nightmare (at least not those in the US or Europe) basically because many countries are going to go bankrupt so people won’t even have governement subsidies.
Look up Peter Schiff and Jim Rogers on YouTube and you’ll see what I mean.
Every year I get a tax return and buy silver bullion. Investment guys tell me it was a bad idea at $6.00 an ounce, $11, $16 and $18.00 I’ve been told gold is a bad buy from $250 an ounce to $1250 an ounce. Even a conservative would keep 20% of their assets in physical. Only fools are in charge of printing presses. For four thousand years there has always been someone willing to buy your bullion instantly. Rich people want to buy it. Rich people tell poor people not to buy it.