Good morning everyone.
The Loonie is at $1.2341 USD today. Oil is trading at $45.57 per barrel and Gold is down at $937.40 per oz.
In other financial news Europe’s Economy contracted the most in 13 years in the last quarter as GDP declined 1.5% with at least another 3 quarters of contraction predicted.
It’s predicted that Europe’s economy will grow the least this year since WWII.
Good news for us in Canada as money is pouring in to purchase shares in Gold companies like Barrick and our banks. Gold shares so far in 2009 are up over 10% while Canadian bank shares have fallen less than the world average of 14% making them more attractive to investors.
Canadian banks since 2007 have written down over $12 Billion in bad loans while floating over $9 Billion in new shares to limit the fallout of the Mortgage collapse.
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