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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
 Posted - 10/09/2008 : 18:00:57
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Dow closed at 8579.19
down 678.91   
How much profit was wiped out today?
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We buy gold not to make money, we buy gold not to lose money
Mr. Nadler, Daily Reckoning
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Delawhere Jack
1000+ Penny Miser Member
USA
1680 Posts |
 Posted - 10/09/2008 : 18:18:26
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Roughly $950.4 billion.......
For the week to date, roughly $2.38 trillion...
Although technically, it wasn't "profit", rather speculative value.
( I can barely type "trillion", far less comprehend it). |
"Educate and inform the whole mass of the people... They are the only sure reliance for the preservation of our liberty." Thomas Jefferson
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Edited by - Delawhere Jack on 10/10/2008 15:34:15 |
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swusc
Penny Hoarding Member
USA
553 Posts |
Posted - 10/10/2008 : 10:26:11
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It opened almost another 800 plus points down today touching 7888, but is only down like 400 right now. Deflation anyone?
-SWUSC |
`Everybody is ignorant. Only on different subjects.' Will Rogers
"This is the shabby secret of the welfare statists' tirades against gold. Deficit spending is simply a scheme for the "hidden" confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists' antagonism toward the gold standard." Alan Greenspan, 1966. |
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kieblera5
Penny Hoarding Member
USA
859 Posts |
Posted - 10/10/2008 : 11:16:53
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Alright... I'm not getting this. The DOW is in a freefall AND PM prices are down a lot today too. Why would PMs be dropping? Wouldn't the prices for them go up? |
Democracy is being allowed to vote for the candidate you dislike least.
Never argue with an idiot. They will drag you down to their level and then beat you mercilessly with experience.
Caller number seven gets the Peace Prize!
Get coding tips, tricks, and more at: http://codingmonday.blogspot.com |
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horgad
1000+ Penny Miser Member
USA
1641 Posts |
Posted - 10/10/2008 : 11:42:20
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quote:
Originally posted by kieblera5
Alright... I'm not getting this. The DOW is in a freefall AND PM prices are down a lot today too. Why would PMs be dropping? Wouldn't the prices for them go up?
What did Ponce use to say? Something like "If you don't hold it, you don't own it." There are pieces of paper and electronic blips that say you own PMS and then there is actually holding it in your hand.
The further the price of PMs on kitco get from the price on the street, the closer we are to a complete sieze up of the paper market. The spread between the two is the perceived risk of the paper.
So maybe the price on kitco is dropping because the perceived risk of the paper *not the PMs* is going up. |
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swusc
Penny Hoarding Member
USA
553 Posts |
Posted - 10/10/2008 : 11:51:56
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Horgad could be right. Yet, in a deflationary market almost everything goes down but cash. Maybe that is why USD is increasing and PMs are not.
-SWUSC |
`Everybody is ignorant. Only on different subjects.' Will Rogers
"This is the shabby secret of the welfare statists' tirades against gold. Deficit spending is simply a scheme for the "hidden" confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists' antagonism toward the gold standard." Alan Greenspan, 1966. |
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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 10/10/2008 : 17:11:23
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From
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nomore and moboman are correct,
the baby is getting tossed out with the bathwater.
Investors are dumping anything and everything due to all of the uncertianty going on.
Nervous investors are pouring their money into what they consider "safe" investments, US Tresuries.
If faith in the dollar or treasuries should be questioned, then gold and silver will become the safe harbors for investors.
Cash may be king during deflation, but I suspect that gold will be Czar. |
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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 10/13/2008 : 18:21:55
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Dow bounces back up
The best explanation as to why almost all of the markets around the world have bounced back can be summed up by two words-
Government intervention-
as in governments either pumping money into the system, governments gauranteeing loans, bank accounts, banks, etc.
or governments buying banks outright.
The simple yet accurate explanation to all of this was expressed by Ed Yardeni, Presidient of Yardeni Research, who was a guest of Nightly Business Report.
Government buying, government intervention, government stepping in to stop the financial bleeding, is what has caused this bounce in stock prices worldwide.
For all of this government buying there are questions that need to be considered-
What happens if government buying doesn't do the trick?
Will the US government end up as the majority shareholder of dozens of busiensses?
We are in uncharted waters with no way of knowing where the next financial waves will come from to swamp the ships of state.
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