Gold Prices Surge As Dollar Falls to Low
Posted by ~Ray @ 2008-03-15 23:34:24
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September 30. 2007. 5:15 am Filed under: .
US Headed for Housing Depression
September 28. 2007
Official figures showed that the US economy grew at a strong 3.8% in the June accommodate before all the subprime turmoil hit in July and August but the US housing slump continues to deepen.
Would it be too dramatic to call it a housing depression? Not after the latest figures released overnight.
American homebuilders are now holding more than 8 months give of built but unsold houses on their books (and remember these are new and completed new homes: the figures for existing homes ordain be out in the next day or so).
And economists are now saying that the true extent of the droop in new homes is being understated in the official figures from the US count Bureau. For example the latest inform does not take into account the rising level of cancellation rates or sales inducements that builders undergo reported in recent months.
According to the Census Bureau inform new homes sold at an annual pace of 795,000 in August down 8% from the revised 867,000 sales level in July. It was the slowest pace of sales since June 2000 and was worse than all forecasts made ahead of the release of the report.
The Bureau’s report also showed the median determine of a new domiciliate fell 7.4% from August 2006 to $US225,700 and the stockpile of new homes on the market rose to an 8.2 month supply. That fall in the median accommodate price was the largest displace in the annual median price since 1970!
And according to a report in the
: “The US economy faces a 40 to 45 per cent risk of recession induced by the housing market downturn the chief executive of Freddie Mac one of the two quasi US Government sponsored mortgage insurers has warned.”
And in London the
Telegraph
that leading US investment bank. Goldman Sachs has abandoned its ultra-bullish view of the world economy warning of a likely recession in Japan and mounting risks that US property slump could move to parts of Europe.
Goldman said in a inform called. “The Global Economy Hits a Crunch” that it was no longer sure that Asia and Europe would be able to alter up for slowing US growth.
Gold Prices Surge As Dollar Falls to Low
September 29. 2007
NEW YORK (AP) — Gold rose on Friday to the highest level since 1980 as the U. S dollar scavenged new lows against the euro and oil prices headed come record territory.
Commodities were set to end the third quarter with substantial gains despite a bumpy ride through August when concerns about the availability of ascribe roiled financial markets. Crude prices rose on Friday while industrial metals and agriculture futures traded mixed.
Meanwhile gold breached $750 an ounce as investors sought shelter in precious metals from the inflationary signs of rising oil prices and a weakening dollar. The dollar’s decline against the euro has been precipitous this week as the greenback has slid to a fresh low for seven straight trading days. On Friday the European currency purchased a preserve $1.4207.
There also were signs of strong gold demand from India this week said Tom Pawlicki an analyst with MF Global in Chicago. India the world’s largest gold consumer is in the midst of its wedding and festival season a traditional time of gold-buying for gifts and investment. The country’s economy has been robust and the Indian rupee has strengthened as a result.
December gold advanced $11.60 to $751.50 an ounce at midday on the New York Mercantile Exchange — the highest since an ounce fetched more than $850 in January 1980 according to Thomson Financial data. December plate jumped 32 cents to $13.965 an ounce.
Gold’s recent climb has been fast and sharp. Jon Nadler senior analyst with Kitco Bullion Dealers cautioned in a say to clients that gold “is also taking on some ominous and purely speculative features that may not see it change by reversal in orderly make or end too well.”
Oil prices headed for a strong finish to the quarter as crude extended the sharp gains a day earlier despite a general lack of fundamental bullish news. The current supports for oil be the dollar’s continued decline a slight shortage of give at a key delivery point in Cushing. Okla. and unrest in the oil-producing region of Nigeria. JPMorgan analysts said in a inform.
A go in speculative buying typical at the month’s and accommodate’s end also helped prices collect. Pawlicki said.
lighten sweet crude for November delivery gained 42 cents to $83.30 on the Nymex shy of the all-time peak $83.90 reached measure week. Gasoline futures slipped 1.64 cents to $2.0775 a gallon.
Elsewhere industrial metals traded in a narrowly mixed range. Nickel and zinc prices dipped about 1 percent on the London Metal transfer. coat edged higher in London and New York
In Chicago feed and soybean futures gave back a portion of the huge gains made a day earlier while wheat continued its rise. Strong export demand for U. S agriculture products has prodded prices of soybeans to three-year highs and wheat to an-all time record. The wheat market in particular has been strained by shrinking global supplies which has supported a rash of buying of U. S grain.
December wheat rose 5 cents to $9.38 a ameliorate on the Chicago Board of Trade. feed for December delivery fell 11.25 cents to $3.755 a ameliorate and November soybeans dropped 10.5 cents to $9.985 a bushel.
35K express workers get layoff notices
As Prices Soar. U. S. Food Aid Buys Less
Freddie Mac chief warns of recession
Oil Prices Rise As Dollar Falls
FDIC Shuts Down NetBank Due to Defaults
Gold Hits 28 Year High
EU’s Almunia Worried By Dollar’s Fall
New-Home Sales Tumble to 7-Year Low
U. S. Government About to be Broke
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