Wednesday, January 16, 2008

Attention Gold Shoppers...

Stocks Set to Plunge on Intel Shortfall - AP - Wall Street stocks readied for a second straight day of losses Wednesday after technology leader Intel Corp. announced disappointing earnings and a dim outlook.

Oil Prices Continue Decline in Europe - AP - Oil prices continued to fall Wednesday amid a growing belief that a faltering U.S. economy will lower energy demand. Prices were also slipping on expectations that a U.S. government report, due out later Wednesday, will show a rise in domestic gasoline stockpiles.

JPMorgan Posts 34 Percent 4Q Profit Drop - AP - JPMorgan Chase & Co. said Wednesday its fourth-quarter profit fell 34 percent after its exposure to subprime mortgages -- though much smaller than at banking peers like Citigroup Inc. -- devalued its portfolio by $1.3 billion.

Dollar Sinks to 2 1/2-Year Low Vs Yen
TOKYO (AP) -- The dollar sank to a 2 1/2- year low against the yen Wednesday in Asia as investors sold the greenback due to concerns over the U.S. economy and financial system.

We've seen it before... As the selling of equities accelerates around the globe, Precious Metals often get caught in the carnage. But only briefly! Recall the world stockmarket sell-off in late February 2007. Gold fell for five straight days and then rose higher for the next five weeks. The American Economy has much more than a cold, and as world investors sell their paper, they will seek to buy Gold. There's a blue light in the Gold aisle...when you see the flash, BUY!

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