Big Financial Casualties - Dollar Down - Metals Up

Both silver and gold appear to be on a path of recovery. The mining stocks which have held up fairly well are responding nicely today. It is early in the day, but the precious metals are moving higher. They have a long way to go if they are to recapture the recent highs. The dollar is under pressure as Lehman collapses, Merill Lynch stumbles and AIG seeks a bail out, as reported in the Daily Pfennig today.

"Good day... The financial storm claimed another victim this weekend as Lehman Brothers Holdings Inc. filed for bankruptcy after being unable to find a buyer.  Bank of America, who was rumored to be bidding on Lehman ended up buying Merrill Lynch & Co and AIG Inc. is asking the fed for an emergency loan.  All of this financial turmoil has sent the dollar lower vs. most of the major currencies as investors are beginning to realize the situation in the US markets is worse than the rest of the world".

This simply emphasizes that there is trouble right here in River City. Can you believe it a pool table, er major financial catastrophes now and on the horizon? All is not rosy as some would have us believe.

This is putting a good deal of pressure on the general stock market with the DJI down 277+ and the dollar losing ground again. The rose colored glasses cannot hide the facts.

It is very likely that we will see the precious metals shine amidst all of the gloom and doom. They are the physical safe haven here on earth. Of course, the ultimate safe haven is our Lord Jesus Christ. We must know Him through His word and trust in His promises for real security.

By the way, the losses from Hurricane Ike have yet to be fully assessed and they continue with many folks out of electricity and many homes and businesses damaged beyond present use. While we are thankful that it was not the magnitude of Katrina, it was a very powerful storm and losses will range in the high millions. Thankfully, there were not many lives lost as most people took precautions. Let us join in prayer for those who have losses in lives and property.

San Antonio was not hit at all by the storm as it was far East of us. We are currently being blessed with a wonderful cool temperatures, but no significant rain as yet. The Lord continues to bless us in many wonderful ways, and it is important for us to express our gratefulness to Him and give Him the glory for each and every blessing.

Best to each, Doug