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Silver hits 31 year high… Gold closes at record high… Oil closes above $105 per barrel…
U.S. stocks staged an afternoon rally after a relatively flat week. After trading in negative territory in the morning, the Dow Jones Industrial Average closed the session up 67 points at 12,086.
The S&P 500 Index ended at 1,297.
The Nasdaq Composite Index also closed the session up at 2,698.
But the big news today were metals and oil as global uncertainty continued to reign in the financial markets. Gold prices rose to a record high of $1,438/oz. Over the last eight trading days, gold prices have risen by over 4%.
Silver rose 2.6% to close at $37.30, a fresh 31 year high.
Palladium rose 2% to close at $747.50.
Oil prices closed well above $105 per barrel, its highest close since late September 2008, and its fifth winning session out of the last six.
Several news reports today shook up traders and sent investors flocking to gold, silver, and oil.
Jerusalem: A bus explosion rocked a bus stop located in central Jerusalem killing one person and injuring 30.
Japan: The March 11 quake is now being declared the costliest natural disaster in history. The total damage is now being estimated somewhere between $185 billion and $308 billion.
Portugal: Talk of a potential collapse of the Portuguese government who will possibly reject new austerity measures.
The news on Portugal raised fresh concerns about the Euro-zone and brought added pressure upon the euro, pushing it down against the dollar. In trading today, the dollar rose slightly against a basket of currencies.
Additionally, the coalition effort in Libya continues to create uncertainty in the oil markets and is giving a a boost to gold and silver.
New home sales dive to record low…
New home sales in the U.S. fell to a record low in January. The seasonally adjusted annual rate of 250,000 homes sold means that January sales marked the slowest pace ever recorded. The report comes on the heels of a recent 9.6% drop in existing U.S. home sales earlier this week.
Also In The News…
1. In the wake of Japan’s nuclear crisis, Germany appears set to abandon its nuclear energy ambitions… for good.
2. The New York Times is reporting that media entertainer, Glenn Beck, is considering leaving FoxNews to start his own network after 400 advertisers have boycotted him and his program.
3. Germany is pulling its forces out of NATO as the Libya “coalition” falls apart.
4. In an attempt to save money, a growing number of states are looking to cut back on unemployment benefits.
5. Despite the sharp rise in price, gasoline demand continues to rise as supplies decrease.
For those of you who think who believe that gold is in a bubble, click here.
Jerry Robinson – FTMDaily.com
Jerry Robinson is an economist, published author, columnist, international conference speaker, and the editor of the financial website, FTMDaily.com. In addition, Robinson hosts a weekly radio program entitled Follow the Money Weekly, an hour long radio show dedicated to deciphering the week’s economic news.
- FTMDaily News Update – U.S. Dollar Breaks New Lows (ftmdaily.com)
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- FTMDaily News Update – Gold and Silver Prices Break Key Resistance Levels (ftmdaily.com)
- FTMDaily News Update – Showdown in Egypt + U.S. Budget Crisis (ftmdaily.com)
- FTMDaily News Update – “What’s Our Oil Doing Under Their Sand?” (ftmdaily.com)
- FTMDaily News Update – Absolute Devastation in Japan (ftmdaily.com)
- FTMDaily New Update – Beware the Ides of March (ftmdaily.com)
- FTMDaily News Update – Is it Time to Buy Uranium Miners? (ftmdaily.com)