Thursday, June 23, 2011

Greek Citizens Rush to Gold, Fearing Bank Runs...

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Headlines:


Mongolia Hates Good News
The upside catalysts in Mongolia remain as strong as ever. The Chinese slowdown fears coupled with the increase in company assets mean the local stock market is as cheap as it was two years ago.

Jon Stewart Explains The Greek Debt Crisis
Funny, borderline must-watch clip from the Daily Show. Jon Stewart & co. explain the Greek financial crisis.

Biotech: The Biggest Thing Since the Internet
In search of "the next big thing", editor Steve Christ explains why advances in biotechnology will be the biggest thing since the Internet.

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Dollar Strengthens, Bankrate Says Consumers Earn Big With Specialized Checking Accounts
High-yielding accounts appeal to savers, as dollar picks up strength. Are they too good to be true? Can the dollar stay strong?

6 Reasons Why Gold Is Rising
Forbes offers 6 reasons gold should go higher...

Economic Impact Of Releasing Oil Reserves
Jeff Siegel sounds off about the latest release of 30 million barrels from the strategic reserves.

Fearing Bank Runs, Greeks Rush to Gold
As Greece's banking system teeters, many of its citizens are turning to -- (what else) -- gold.

Market Notes June 23

There are only 7 days of QE2 left. Markets are responding a bit neurotically, understandably. They don't know which way to go, with the massive liquidity program set to end so soon.

Things started out quite badly for stocks today. The S&P 500 index was down as much as 1.8% midday. But at 3:00 pm eastern, all of a sudden the market took off.

Hockey-stick save. The Nasdaq, previously down 1.5%, closed up .69%.

The S&P erased almost all its losses in the last hour of trading, and closed down just a quarter of one percent.

Precious metals took a hit. Silver bumped down 3%, and gold was down 1.77%. We might get some nice buying opportunities before the market realizes QE3 is almost certainly going to happen, and the Fed resumes printing full-speed ahead. I'll be looking to add silver, especially if we go below $30. But that doesn't seem too likely for now.

Here's a relevant quote for today, from PJ O'Rourke:

'Feeling good about government is like looking on the bright side of any catastrophe. When you quit looking on the bright side, the catastrophe is still there.'

Regards,

Adam Sharp
Editor, Wealth Wire




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