Futures look bleak this morning, but I don’t expect much action ahead of the latest Federal Open Market Committee policy statement, which could cause a stir if there is surprise mention of economic or banking conditions. The FOMC is expected to leave the target interest rate unchanged between 0.00% and 0.25% when it makes its announcement at 2:15 PM today.
After that, anything can happen. Buckle your seatbelts.
Here is my MoneyandMarkets.com column for today: “Gold’s About to Burst Out of Its Recent Range”
That is not the title I submitted; it gives the impression that I think gold is going up in the short term. The truth is, I don’t know where gold is going in the short term. That’s what the column is about — you can make money either way.
In other news …
Elliot Spitzer made a habit of taking on Wall Street before he got caught with his pants down. He’s a guy who knows about crooked financiers. He says:
The AIG bailout has been a way to hide an enormous second round of cash to the same group that had received TARP money already.
Cuomo Discovers All Kinds Of Outrageous AIG Bonus Facts You know that reading this is going to make you angry. Read it anyway.
So much for ’safety’ stocks. General Mills delivers a big earnings miss.
Goldman Cuts Iron Ore Price Forecast, Expects 40% Decline in Contract Rate Goldman slashed its contract iron ore price forecast to a record 40 percent decline because of slumping global steel production.
China May Ship 80% Less Steel Products as Orders Drop, Association Says China may export 80 percent less steel products this year because of the global recession, leading to rising inventories in the world’s largest producer of the material, the China Iron and Steel Association said today.
Gold Drops for a Third Day in London as Stock-Market Rally Erodes Demand Gold declined for a third day in London as speculation that economies will improve lifted shares, reducing demand for the metal as a haven. Silver also fell. XX Sean’s note — this is playing out as I predicted in my last Uncommon Wisdom video. But support hasn’t broken yet. Stay tuned.
Japan Plans to Capture a Third of the Solar Panel Market Worldwide by 2020 Japan, the world’s third-biggest oil user, aims to capture a third of the world’s solar panel market by 2020, putting companies such as former No. 1 Sharp Corp. back in the top rank of producers.
In Other, Other News …
I’m a dead man: A Little Flab May Weigh Heavily on Life Expectancy, Study Shows
Give ‘em hell, Harlan Ellison. I had a nice chat with him once at a convention. Very good guy — bristling with energy. A non-drinker (I think he’s allergic to alcohol) and he doesn’t smoke, either. Still hasn’t finished his “Last Dangerous Visions” book (it’s science fiction’s most famous unpublished book). I could listen to him tell stories all day.
Burning children’s books is now in vogue. The Federal government is pushing for it, in fact. I wish I was making this up.
Related Posts
- Friday Morning Roundup (01/23/09)
- Wednesday News Roundup (04/29/09)
- Tuesday News Roundup (06/24/08)
- Monday News Roundup — Gold, Agriculture, Oil and More (01/18/10)
- Friday News Roundup — The Foreclosure Bomb (08/07/09)
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