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Kizzume
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Joined: 31 Dec 1969
Posts: 2829
Location: Tacoma, WA USA
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 Posted: Mon Dec 31, 2007 2:48 am Post subject: Gold Heads for 7th Year of Gains, Near 28-Year High |
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| Quote: | | Oil rose as much as 45 cents, or 0.5 percent, to $96.45 a barrel, and stood at $96.26 a barrel in after-hours trading on the New York Mercantile Exchange at 1:02 p.m. in Singapore. The dollar headed for its second straight annual decline against the euro and snapped two years of gains versus the yen as traders raised bets the Federal Reserve will cut rates again. |
| Quote: | Gold gained 32 percent this year as surging fuel expenses boosted demand for the metal as a hedge against inflation. The spot price climbed to a record $850 on Jan. 21, 1980.
The dollar declined against 14 of the 16 most active currencies this year as the Fed lowered borrowing costs three times because of a slumping housing market.
The dollar traded at $1.4741 per euro at 1:08 p.m. in Singapore, down 12 percent for the year. It was off 6 percent for the year against the yen at the same time. |
| Quote: | | Gold futures are headed for the biggest annual gain since 1979, the longest rally since futures began trading in 1975. Futures reached a 27-year high of $848 on Nov. 7. |
This isn't looking so rosy right now. I don't think things are about to collapse, but I do think we're in for some turbulence. Oil prices, the housing market, and the dollar.
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Meow.
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chuq
Joined: 04 Dec 2007
Posts: 135
Location: Gulf South
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| Posted: Tue Jan 01, 2008 1:34 am Post subject: |
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Keep an eye on the gold--it is a leading indicator of coming inflation.
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'Politics' is made up of two words, 'poli,' which is Greek for 'many,' and 'tics,' which are blood-sucking insects.
- Gore Vidal
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Gordon Shumway
Joined: 29 Dec 2007
Posts: 7
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| Posted: Tue Jan 01, 2008 7:17 am Post subject: |
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as for the housing market...
while it's true you may not be able to flip the house you bought last year or sell for a reasonable profit the house you bought 10 years ago but the guy making $9 or $10 an hour can now buy a house for the first time because prices & rates are low. Those folks are out buying...they're just not buying new homes. they're buying older homes like I bought about 12 years ago when I was making less than $10 per hour. the housing market looks bad because people got bad loans. No interest...balloon payments...I don't feel sorry for any of them; or the lending institutions. Let them forclose & go under...they all need to learn a lesson.
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http://thecourier.typepad.com/rightonthemark/
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Kizzume
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Joined: 31 Dec 1969
Posts: 2829
Location: Tacoma, WA USA
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| Posted: Tue Jan 01, 2008 7:52 am Post subject: |
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It certainly was stupid of so many people to get loans that they KNEW would become too expensive down the line because of changing rates, but a LOT of people fell for it. If something seems to good to be true, it probably is.
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Meow.
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treehugger
Joined: 05 Dec 2007
Posts: 9
Location: New England
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| Posted: Tue Jan 01, 2008 6:40 pm Post subject: |
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| Kizzume wrote: | | It certainly was stupid of so many people to get loans that they KNEW would become too expensive down the line because of changing rates, but a LOT of people fell for it. If something seems to good to be true, it probably is. |
True. However, some mortgage companies are definitely guilty of taking advantage of those who aren't all that savvy, money-wise. They're pretty skillful at convincing people they can afford things they really can't.
That said, gold rose 32% in '07?!?! Wow! I considered investing in some gold, but my uncle (also my investment consultant) had never invested in gold and didn't know much about it.....so I chose other things instead. 32% would have doubled any of my other investments. Dammit! 
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Kizzume
Site Admin
Joined: 31 Dec 1969
Posts: 2829
Location: Tacoma, WA USA
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| Posted: Tue Jan 01, 2008 7:34 pm Post subject: |
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| treehugger wrote: | | Kizzume wrote: | | It certainly was stupid of so many people to get loans that they KNEW would become too expensive down the line because of changing rates, but a LOT of people fell for it. If something seems to good to be true, it probably is. |
True. However, some mortgage companies are definitely guilty of taking advantage of those who aren't all that savvy, money-wise. They're pretty skillful at convincing people they can afford things they really can't.
That said, gold rose 32% in '07?!?! Wow! I considered investing in some gold, but my uncle (also my investment consultant) had never invested in gold and didn't know much about it.....so I chose other things instead. 32% would have doubled any of my other investments. Dammit! |
Yeah, I've thought about that a lot recently. Lots of shoulda woulda coulda's.   
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