Precious metals have started the week on a weak note, with gold falling back to $1,770 -- after reaching an 11-month high of $1,796 on Friday -- while silver is trading just below $34. Platinum and palladium are also struggling along with industrial commodities such as crude oil and copper, with pessimism and growth expectations faltering again among market participants.
Recession Watch
Despite Friday’s better-than-expected U.S. jobs data, a new study from the Brookings Institution and Financial Times released yesterday says that a new global recession is looming. In its words: “Economic data and confidence indicators have deteriorated since earlier in the year across the Group of 20 leading developed and emerging economies, apart from the U.S.”. As the headline says: “Economic recovery ‘on the ropes’”.
Add to this the dreary euro zone situation -- with the Spanish government still trying to appear masters of their own destiny, despite the inevitability of them needing some form of bailout -- and stocks are down this morning while the dollar is gaining ground at the expense of “risk/growth” assets. Some analysts have also pointed out that improving economic statistics in America could actually hurt stocks, if traders start to think that improving data will lead to less money printing from the Fed. Behold the wonder of today’s markets, where good news is actually deemed bad news, if it means less new money for the boys on Wall Street and the City of London to play with!
All of which makes news that the Swiss government is preparing for the possibility of major civil unrest throughout Europe all the more troubling. As John R. Schindler, professor of national security affairs at the U.S. Naval War College, asks: “Do the Swiss know something the rest of us don’t?”
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Bearish Report Hurts Stocks And Commodities
Published 10/08/2012, 04:00 PM
Updated 05/14/2017, 06:45 AM
Bearish Report Hurts Stocks And Commodities
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