“Legendary investor Jim Rogers remains a long-term bull on gold, but thinks the precious metal’s correction may still have a long way to go.
At around $1,600 an ounce, gold is down about 17 percent from last year’s record peak of $1,924.
Gold has been in a bull market for the past 11 years, and Rogers, who has owned it for longer than that period, tells Oilprice.com, “I don’t know of any asset in history that’s gone up 11 years in a row without a correction.”
Comments »Wharton economist Jeremy Siegel says the Dow Jones Industrial Average will hit 15,000, and maybe even 17,000, by year’s end.
“There are two major factors that are depressing our market 1,000 to 1,500 points,” Siegel tells CNBC: Europe’s economic problems and the looming “fiscal cliff” when a host of tax cuts and spending increases expire at the end of this year.
Siegel is optimistic that Congress will avoid the fiscal cliff and tackle the deficit, though he believes there is very little incentive to do so before the November elections.
Comments »“Nielsen today announced its 2012 mid-year SoundScan numbers for the U.S. and the trends look pretty familiar: digital album sales were up 14% compared to the same time period last year and digital track sales were up 6%. Overall, music sales were up 6%, though overall album sales were down a little bit (-0.6%), as the sales numbers of physical CDs continues to drop. Still, Nielsen says CD album sales still accounted for 61% of all album sales in the last six months. That’s down from 66% last year, but still higher than most of us who live in the digital world would expect.”
Comments »“China, the United States and India, in that order, will be the hottest countries for corporations to invest in over the next three years, according to a 200+ page report by the United Nations Conference on Trade and Development, released this week.”
Comments »“A U.S. judge has ordered JPMorgan Chase to explain why the court should not force the bank to turn over 25 internal emails demanded as part of an investigation into whether it manipulated electricity markets in California and the Midwest.”
Comments »“The number of U.S. businesses and consumers filing for bankruptcy fell 14 percent in the first half of 2012 and could end the year at the lowest level since before the 2008 financial crisis, according to data released on Thursday.”
Comments »“(Reuters) – Five big U.S. retailers filed an antitrust lawsuit against Pfizer Inc and India’s Ranbaxy Laboratories Ltd on Thursday, accusing them of conspiring to delay sales of generic versions of Lipitor, the best-selling drug in history.
Walgreen Co, Kroger Co, Safeway Inc, SuperValu Inc and HEB Grocery Co accused the defendants of running an “overarching anticompetitive scheme” to keep generic versions of the cholesterol drug off the market until November 30, 2011, 20 months after the original patent expired.
They said the defendants did this by obtaining a fraudulent patent, engaging in sham litigation, entering a price-fixing agreement to delay cheaper generics, and entering arrangements with pharmacy benefit managers to force retailers to buy more Lipitor, whose chemical name is atorvastatin calcium.”
Comments »$STX is moving to the downside this morning as the company warned they may miss estimates for their upcoming earnings report.
Comments »“Amazon.com Inc. (AMZN) is developing a smartphone that would vie with Apple Inc. (AAPL)’s iPhone and handheld devices that run Google Inc. (GOOG)’s Android operating system, two people with knowledge of the matter said.
Foxconn International Holdings Ltd. (2038), the Chinese mobile- phone maker, is working with Amazon on the device, said one of the people, who asked not to be identified because the plans are private. Amazon is seeking to complement the smartphone strategy by acquiring patents that cover wireless technology and would help it defend against allegations of infringement, other people with knowledge of the matter said.”
Comments »Traders did not tank U.S. markets yesterday after the feeling of not enough is being done in Europe. A Citi analyst says that traders will continue to ignore Europe as the troubles do not appear to be dramatically effecting other markets outside of Europe.
Comments »“The People’s Bank of China (PBOC) has cut interest rates once more in hope to stimulate the economy. The pace of monetary easing has surprised a lot of people, and we were expecting a cut in reserve requirement ratio instead of an interest rate cut. But for the purpose of the current discussion, the form of easing is not the focus here.
Whenever the PBOC eases monetary policy ahead of macro data releases, the market will instinctively believe that the coming macro data releases are going to look ugly, and the latest move triggered more or less the same reaction. Bank of America Merrill Lynch, for instance, advise everyone to “Slightly lower your expectation on June/2Q data”.
Comments »A deficit bill is facing problems in the Japanese parliament. If not passed then Japan would run out of cash to run government. I’m sure they will agree to print some money up…..I mean sell bonds to the world.
Comments »“The European Central Bank’s step into the world of zero interest rates is fueling speculation it may eventually be forced to follow the Federal Reserve and the Bank of England with large-scale asset purchases.
The ECB yesterday reduced its benchmark rate to a record low of 0.75 percent and took its deposit rate to zero, with President Mario Draghi saying the cuts may have only a “muted” economic impact. While deflecting questions about further measures such as quantitative easing, Draghi said “there is no feeling that we are running short of policy options” and “we still have all our artillery ready to contain inflationary risks” in either direction.”
Comments »Robot trading for hedge funds were just as confused as their human counter part due to circle jerk action served up by Europe….
Comments »“Australia’s dollar fell along with Asian stocks amid concern the European Central Bank’s cut ininterest rates yesterday won’t be enough to stem the region’s debt crisis, damping demand for riskier assets.
The so-called Aussie dollar trimmed its weekly gains versus the greenback and yen even afterChina yesterday cut its key interest rate for the second time in a month and the Bank of Englandexpanded asset purchases in efforts to bolster growth. Losses in New Zealand’s kiwi dollar were limited after the government said its deficit was narrower than forecast.
“The ECB didn’t announce extraordinary measures yesterday, such as possible bond purchases,” said Junya Tanase, chief currency strategist at JPMorgan Chase & Co. in Tokyo. “The market is jittery about the status quo in terms of the ECB’s handling of sovereign risks. The Aussie and kiwi are trading softer in such a risk-averse environment.”
Comments »Since April 67 children have contracted a disease and 66 of them have passed. The World Health Organization is currently investigating the matter.
Comments »“Philippine (PASHR) stocks, Asia’s most expensive equities, may rise a further 25 percent this year as the economy grows, according to Jonathan Garner, Morgan Stanley’s chief Asia and emerging-market strategist.
The Philippine Stock Exchange Index (PCOMP) rallied 23 percent in 2012 to a record yesterday, the world’s fifth-best performer, amid government plans to boost spending while narrowing thebudget deficit. The gauge’s valuation of 16.4 times estimated earnings is the highest of 15 Asian Pacific markets tracked by Bloomberg and is approaching the biggest premium to the MSCI Emerging Markets Index since November 2006.”
Comments »
