Archive for the 'Economy' Category
U.S. Mint Sets Price for New, One Ounce American Eagle Gold Coins at $1,119.95 Each
April 2nd, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instrument. Right now, the spot market price for gold is $890.50 per ounce. The new American Eagle price of $1,119.95 includes a premium of $229.45, per one ounce coin—over the spot price of the metal. Obviously, coins have minting costs associated with […]
200,000 U.S. Banking Jobs at Risk
April 2nd, 2008Via: AP: The U.S. financial industry has been shedding jobs at a record clip, and some analysts predict the pace will only accelerate over the next year-and-a-half as banks cut costs in the face of the housing market slump and the weak economy. Analysts at the financial research firm Celent LLC said in a report […]
New York Times: “Wall Street Shows Optimism That Crisis Is Fading”
April 2nd, 2008Can UBS and Merrill Lynch customers get their money yet? No. Via: New York Times: Stocks started the second quarter with a soaring rally on Tuesday that sent the Dow Jones industrial average up nearly 400 points, its best performance in two weeks, as investors found reasons to take heart in a fresh round of […]
More European Banking Horror: Deutsche Bank Hit by Writedowns as Crisis Worsens
April 1st, 2008There’s an infamous Cryptogon post that doesn’t mention Deutsche Bank at all. Get me? * wink * * wink * Today’s Reuters article says, “Deutsche is facing hurdles in, for example, leveraged finance and structured credit.” * wink * * wink * Hint: I didn’t work for Deutsche Bank. Ok, that’s it. Comments are off. […]
Gold Sharply Lower, Significant Support Taken Out
April 1st, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instrument. It’s all right here. Bearish engulfing on the weekly… $850 is the next notable support. That’s also right around your 61.8 fib fan. Via: Reuters: Gold tumbled to a two-month low below the key $900-an-ounce level on Tuesday as a jump […]
U.S. Credit Crunch Hits Education as Banks Abandon Student Loans
April 1st, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instrument. I wonder what will happen to Apple’s stock price with so many students unable to buy those shiny Powerbooks and iPods with borrowed money… Ok, that may seem flippant, but I can’t really muster up too many good things to say […]
UBS Q1 Loss: $12 Billion
April 1st, 2008Via: AP: Swiss bank UBS AG says it expects to post first quarter net losses of $12 billion and to seek $15 billion in new capital. Switzerland’s largest bank also said in a statement Tuesday that it sees losses and writedowns of approximately $19 billion on U.S. real estate and related credit positions. Its chairman […]
Now Merrill Lynch Preventing Clients from Exiting Auction Rate Securities
April 1st, 2008I’m tired of typing EMERGENCY and story titles in all caps for situations that are becoming commonplace. I mean, I don’t know if there’s dope in the drinking water of the people who are holding these things, but when I read that major financial institutions aren’t allowing clients to exit trades worth—well, we don’t really […]
The Trillion Dollar Meltdown
March 31st, 2008Via: Bloomberg: Be it ever so devalued, $1 trillion is a lot of dough. That’s roughly on a par with the Russian economy. More than double the market value of Exxon Mobil Corp. About nine times the combined wealth of Warren Buffett and Bill Gates. Yet $1 trillion is the amount of defaults and writedowns […]
USA and UK Joined at the Hip for Financial Crisis Management
March 31st, 2008Via: Financial Times: George W. Bush, US president, and Gordon Brown, UK prime minister, have agreed to step up co-operation over the crisis in financial markets. They are setting up a joint working group which will develop plans to monitor and regulate the banking system. At the heart of the proposals, agreed on Wednesday by […]
