2008 and beyond

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Precious Metals Blog

Monday, January 05, 2009

2008 and beyond

2008: The year in markets

U.S. indexes
Dow Jones Industrial Average -34%
S&P 500 -38%
Nasdaq -40%
Dow Jones Financials -55%
Amex Oil Index -38%

International indexes
Germany DAX -40%
FTSE 100 -31%
Japan Nikkei 225 -42%
China Shanghai Composite -65%
Mexico IPC -24%
Brazil Bovespa -41%

Currencies/commodities
Gold +6.0%
MS63 Certified Gold +25%
Crude -54%
Dollar index +6%
Pound vs. dollar -28%
Dollar vs. yen -18%

We expect 2009 to be the year the dollar melts down. The only reason the dollar gained was people liquidating stocks and rushing into cash. However, the mass production of dollars will dilute the dollar as they make there way into the street and cause it to sink like a stone.

This is great news for gold buyers for the short, middle and long term, the mass production of dollars should cause gold prices to skyrocket. Bad news for holders of bonds and U.S. Dollars. Stocks should fair better after 2009 but over the course of 2009 it will be a very bumpy ride with a very wide range favoring the downside with many bull market traps.

A complete shift towards socialism and a FDR type government is expected in order to create new jobs for the millions of people who, unlike previous recessions, will find no jobs to replace the ones they lost. Watch for my complete 2009 report on the markets. Happy New Year everyone and be safe we won't recognize the United States as we now know it by this time next year.

JMC

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