Thoughts on Markets

Friday, October 29, 2010

Foreclosures - FVITF - SILA - BULM - Treasuries - Miners - Currencies

As we again approach the weekend, let each of us purpose to attend corporate worship with a sound Christian church and the Bible says we are to do in obedience to King Jesus. As the great hymn says, "There is no other way, than to trust and obey." The Westminster Shorter Catechism Question 1 asks, "What is the chief end of man?"  The answer is, "The chief end of man is to glorify God and enjoy Him forever." This accurately reflects what God's word teaches for all men.

Let us truly commit to a study of God's word that we improve our knowledge of His will and then live the life to which He has called us.

From Kitco.com:

A.M. Kitco Metals Roundup: Comex Gold Higher Early as U.S. GDP Report Awaited
29 October 2010, 8:19 a.m.
By Jim Wyckoff
Of Kitco News HERE.

From MineWeb.com:

Gold prices slightly lower ahead of US data
Gold prices slipped lower in early trade on Friday, pulling back from a slight rally during yesterday's session, as investors remained cautious ahead of US Q3 GDP data. HERE.

From MineWeb.com:

Gold's steady and measured appreciation continues
Global economic concerns and recovery doubts continued to support the gold markets with a 5.1% price increase in Q3 - very much in line with historic averages. HERE.

From MineWeb.com:

Portfolio diversification in gold,silver and natural resource stocks is essential
However good you feel a specific company is you should not put all your eggs in one basket, particularly in resource stocks. Diversification offers a degree of safety. This appears to be good advice. However, my portfolio is highly concentrated in gold and silver miners, because I am convinced that we will see much higher prices in both of the monetary metals. HERE.
From Reuters.com:

U.S. on track for "fiscal train wreck": Roubini
The U.S. economy is a "fiscal train wreck" waiting to happen that risks ushering in a period of stagnation featuring by minimal growth, high unemployment and deflationary pressure, U.S. economist Nouriel Roubini wrote on Friday. HERE.

Video from Realty Trac on foreclosures from Bloomberg.com:

Foreclosure Freeze Cuts Sales, Supply in Hardest-Hit States
See and hear it HERE.

From Bloomberg.com:

EU Bows to German Call for Permanent Debt Mechanism
German Chancellor Angela Merkel won European Union backing for a rewrite of EU treaties to create a permanent debt-crisis mechanism by 2013 to prevent a repeat of the Greece-led shock that jolted the euro. HERE.

From SeekingAlpha.com:

As Bill Gross Reiterates His Call for a Top in Bonds, TBT Seems to Bottom
Bloomberg summarized the latest missive from Bill Gross in a piece called “Fed Easing to Signify End of Bull Market, Gross Says.” Gross called an end to the 30-year bull market in bonds thanks to the the Federal Reserve’s planned second round of quantitative easing. I decided to read Gross in his own words, and I recommend you do the same – especially given that it seems the market is slowly turning to deliver on Gross’ prediction. At the end of this piece, I post a chart of TBT, the ProShares UltraShort 20+ Year Treasury, that suggests a bottoming process is underway (a topping process for long-dated Treasuries). HERE.

Miners from Scottrade.com:




Currencies from Kitco.com:


Some Prices: FVITF 3.5856; SILA 0.67; BULM 0.994; TBT 34.29 (Bonds are off some today); Gold no change 1344; Silver up 0.08 to 24.11; DOW up 5+ to 11119+; SPX off 0.48  to 1184.06.

Best to each, Doug

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