The Fed dropping rates by 3/4 of a point this morning is the largest move
by the Fed in 23 years. This is massively bullish for gold. Where will you
keep your money? U.S. Dollars? Bonds? Stocks?
A quick market
note that is worth your attention:
MBIA - symbol (MBI)
is the premier financial guarantor and leading provider of fixed
income investment management has seen it stock drop 40% on fears that
one of the largest guarantor of bonds and SIV's may go broke. I doubt
the FED will allow that to happen but it is news worthy.
AMBAC- symbol (ABK) has had it credit rating cut to AA from AAA after being hard hit by the sub prime mess. This is not good news for portfolio that will look to AMBAC to insure their future loans and or make good on failed loans.
Both these guarantors being in
trouble is reminiscent of the FSLIC going broke in the late 80's and
the RTC coming into being. The markets need a good shot of confidence
and when the guarantors are in trouble that is not helpful in
building confidence.
Buy Gold! It is real money worldwide and
as World paper IE Stocks, Bonds and Currencies falter Gold will shin. I
will say it this way, gold is wealth insurance, if you don't own gold your
wealth is uninsured.
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