Friday, 14 March 2008

Gold is now way over $1000!

SPOT MARKET IS OPENcloses in 5 hrs. 54 mins.
Mar 14, 2008 11:21 NY Time
1002.80- 1003.60
989.90- 1008.00
+7.70 +0.77%
+79.60 +8.62%
+352.60 +54.23%

After flirting with the big number yesterday gold passed through today. And it looks to be on its way to $1016. I don't take any pleasure in the problems faced by the banks. It looks as if Bear Stearns is in serious trouble. You can be sure it is not the only bank looking into the abyss. Solvency is the issue and the banks are now paying for the lack of control and greed that was unleashed since the late 90s.

Gold is rising but the financial world is now facing its greatest danger since the 1930s. The dollar figures are immense. Come to think of it nothing like this was even faced in the 30s!

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I teach Film, Media and English Lit.