Gold Moves
Today was an unspectacular day in all markets. They all went sideways. Kind of dull.
The biggest mover that I talk about was Gold which moved up $13/ounce today.
In the news today…..
So. California home prices fell 26.7% in May over the previous year in the 6 most populous counties. This was the steepest drop EVER. The Median price is now $370,000, and is the lowest since March 2004. 38% of all homes sold in So. Cal. were foreclosures.
The EU calls the “voluntary code of ethics” used by rating companies in Europe as “toothless wonders.” And, the EU is suggesting regulation to solve the problem. Usually I’m against big government regulations, but in this instance, I totally agree as I believe the big merchant banks of the world have caused a LOT of the problems we are currently experiencing.
By the way, did any of you see that Ireland rejected the “Lisbon Accord,” a replacement for the failed European Constitutional attempt (which was rejected by the French awhile ago)? This is a major blow to those EU bureaucrats who want to take power away from the states, and hold it in Brussels. People are waking up in Europe, and seeing that some of their freedoms might be eroded. This is the growing pain that Europe must go through to become united. I wonder if it will happen in our lifetime.
Here are today’s numbers:
Dow Jones 30 Industrial - 12,270 (down 38 points)
10 Year Treasury Bond - 4.25% (down 0.02%)
Euro - $1.5478
Gold - $886 (up $13)
Oil - $134.61 (down $0.25)
Gasoline - $3.44 (down $0.02)
