Here comes the banking Crisis - Citigroup to write down 24 BILLION?!

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Precious Metals Blog

Monday, January 14, 2008

Here comes the banking Crisis - Citigroup to write down 24 BILLION?!

Once the darling of Wall Street and the largest financial institution, Citigroup is now poised to take a huge hit to the tune of possibly 24 BILLION and potentially laying off 20,000 workers.

The plans will be unveiled Tuesday, when the banking giant reports fourth-quarter earnings. At the same time, Citigroup could also announce that it is cutting its dividend payment. Stay tuned!!

Uncertainty is fuel for Gold and can anyone deny that 2008 is poised to be one of the most uncertain years possibly in the modern age.

Iran, Banking crisis, Mortgage meltdown, Elections, Inflation, the dropping U.S. Dollar, surging Oil Prices and overall Commodity shortages are reasons to get OUT of dollars and paper currencies.

Gold prices will test a record $1,000 an ounce this year, boosted by growing investment interest, safe-haven demand and strong market fundamentals, a Citigroup metals analyst said.

"We believe gold has entered a new investment-driven phase. Catalysts are rotating from safe-haven demand, to currencies, to the re-flation trade, as new buyers enter the market," John Hill, director, metals research, at Citigroup in San Francisco," reports Reuters.

They should know. Here comes the banking crisis!

JMC

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