Week Round up
Many of us went into the week thinking the Dow would hit records along with other records. Then the Federal Reserve raised interest rates to 5% and then leaving us with the impression that it may go up again the next meeting, so the Dow was riding on a thin string for this week. Since this part of the market went completely opposite we had different reactions in other parts of the markets especially the futures (commodities). This week the futures lit up the lights as precious metals continued to climb highs beyond what many have imagined.
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Precious Metals
Gold has eased up a bit falling back down to around 710, but it was around 730 for a moment. Platinum has hit all time highs of 1300 and this has many analyst seeing that platinum may hit 1500. Copper is becoming a sleeping giant as it continues its upward trend and even though it eased off a bit today it is still stepping forward as it currently hangs around $3.83 per pound. Silver has past the 15 mark and has dropped back down to 14.21.
Oil has again jumped up and jumped back as it is just over 72 a barrel.
The stocks just couldn’t keep up the run as they have had. To many layoffs from AOL to Whirlpool and many companies were not meeting their earnings played a part in the downward stock markets. Also, the weak dollar has hurt the stocks. I guess you have to take the bitter with the sweet and hope for a good next week, but then again it may continue in this direction.
The lawsuits have started and companies like Verizon and other communication companies are being sued over the NSA wire tapping that the Bush Administration thinks is alright. The only known company to decline was Qwest, so this would be a good way for Qwest to move up while the others try to figure out this mess.
